On the Year-End Financial Statements, the Endowment Fund Would Report

question 11

Multiple Choice

On the year-end financial statements, the endowment fund would report, as a result of these transactions, a fund balance (net assets) of:

• A)$1,000,000
• B)$1,070,000
• C)$1,050,000
• D)$1,020,000

---

Definitions:

Perfect Tender Rule

A rule requiring the seller to deliver goods to the buyer that exactly meet the terms of the contract, without any deviation.

Defective

A condition wherein a product does not operate as intended or expected, often leading to a potential hazard or inefficiency.

Reject Shipment

The act of refusing to accept delivery of goods or services due to non-conformance with the agreed terms.

Entire Shipment

A term indicating that a contract or sale involves the delivery of all goods in a single consignment, not in parts.