Multiple Choice
A private not-for-profit organization received a gift of $460,000 with purpose restrictions in 2013.In 2014 funds were expended for the purpose outlined in the gift,however,it was not possible to determine whether the restricted funds or unrestricted funds were used.The presumption should be:
A) The restricted funds would have been used first.
B) The unrestricted funds would have been used first.
C) The restricted funds and unrestricted funds would have been used equally.
D) The restricted funds and unrestricted funds would have been used, based on a weighted average of the amounts.
Correct Answer:
Verified
Correct Answer:
Verified
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