On Its Year-End Statement of Financial Position, the Charity Would

question 49

Multiple Choice

On its year-end statement of financial position, the charity would report permanently restricted net assets of:

• A)$1 million.
• B)$1.04 million.
• C)$1.03 million.
• D)$1.01 million.

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Definitions:

ACTH

Adrenocorticotropic hormone, a polypeptide tropic hormone produced and secreted by the anterior pituitary gland that stimulates the adrenal cortex.

Parathyroid Gland

Gland embedded in the posterior surface of the thyroid gland; it produces parathyroid hormone.

Weakened Bones

A condition, often due to osteoporosis, where bones become fragile and more prone to fractures.

Cortisone

A steroid hormone produced by the adrenal cortex or synthetically, used medicinally to treat inflammation and adrenal insufficiency.