The Transactions Described in the Following Questions Occurred in a Voluntary

question 77

Short Answer

The transactions described in the following questions occurred in a voluntary health and welfare organization during the year ended December 31, 20X8. For each transaction, indicate its effect(s) on the organization's statement of activities prepared for the year ended December 31, 20X8. List all effects of transactions affecting more than one class of net assets. Indicate your choice(s) by entering the letter corresponding to the effects listed here:
Effects of Transactions on Statement of Activities
A. Increases unrestricted net assets.
B. Decreases unrestricted net assets.
C. Increases temporarily restricted net assets.
D. Decreases temporarily restricted net assets.
E. Increases permanently restricted net assets.
F. Decreases permanently restricted net assets.
G. Transaction is not reported on the statement of activities.
Endowment income was earned. The donor specified that the income be used for community service.

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Definitions:

Healthcare Profession

Careers dedicated to protecting, promoting, and improving individuals' health and well-being.

Volunteer Program

An organized effort to offer services or support, often without financial compensation, by individuals or groups to benefit a community or cause.

Professional Development

The skills and knowledge attained for both personal development and career advancement.

Personal Growth

The process of improving oneself through activities that enhance personal awareness, develop talents and potential, and improve the quality of life.