Multiple Choice
A government establishes a Permanent Fund to account for a donation. The earnings from the donation are to be used to purchase books for the library but the donated amount must be maintained intact. How should the donation be reported in the Permanent Fund statement of revenues, expenditures and changes in fund balance?
A) Special Item.
B) Revenue.
C) Other financing source.
D) Capital contribution.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: A local citizen donated land to the
Q2: A government entered into a general government
Q4: The parks and recreation department, which is
Q5: A local town received a donation of
Q6: A county government sold two of
Q7: <span class="ql-formula" data-value="\underline{\text{ Transactions:}}"><span class="katex"><span
Q8: <span class="ql-formula" data-value="\underline{\text{ Transactions: }}"><span
Q9: A government may elect not to report
Q10: <span class="ql-formula" data-value="\underline{\text{ Transactions: }}"><span class="katex"><span
Q11: Cash payments for compensated absences were $685,000