The Friends of the Library FOL, a Not-For-Profit Entity, Received

question 1

Multiple Choice

The Friends of the Library FOL, a not-for-profit entity, received a gift restricted to acquisition of a special piece of the equipment used to restore books.Late last year FOL acquired the machine at a total cost of $19,000.The machine is estimated to have a useful life of eight years and a salvage value of $3,000.In what fund should FOL make the entry to record the depreciation for the current year?

• A)Unrestricted fund.
• B)Temporarily restricted fund.
• C)Permanently restricted fund.
• D)FOL should not recognize depreciation.

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Definitions:

Unsafe Practices

Behaviors or procedures that put individuals at risk of injury or health hazards, often violating established safety regulations and standards.

Fair Hearing

A judicial or administrative procedure that guarantees an individual the opportunity to express their case in a just and equitable manner before making a decision that affects their rights or interests.

Right of Privacy

The right of individuals to keep their personal information confidential and protected from unauthorized use in the workplace.

Autonomy

The degree of independence and self-direction that an individual or entity has in making decisions or controlling activities.