A City Receives a Donation of Land from One of Its

Multiple Choice

A city receives a donation of land from one of its citizens to be used as a park. How should the donation be recognized by the government?

A) In the General Fund as a Special Item-Donation and in the General Capital Assets accounts.
B) In the General Fund an Other Financing Source-Donation and in the General Capital Assets accounts.
C) Only in the General Fund as Revenues-Other.
D) Only in the General Capital Assets accounts.