What Type of Organization Is Always a Private Foundation

question 49

Multiple Choice

What type of organization is always a private foundation?

• A)A church that receives all of its support from members
• B)A scholarship fund for policemen that receives half of its income from interest and dividends
• C)A school that receives government grant funds
• D)A church that derives 5 percent of its income from rental of its sanctuary for concerts by aspiring concert musicians.

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Definitions:

Invoice Price

The price indicated on an invoice, representing the amount to be paid by the buyer to the seller.

Perpetual Inventory System

A perpetual inventory system is a method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Perpetual Inventory System

An inventory accounting system where updates are made continuously as transactions occur, reflecting the real-time quantity of inventory on hand.

Cost Of Goods Sold

Costs pertaining directly to the crafting of goods a business sells, covering both labor and material expenses.