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:

Standards Of Behavior

Established norms and expectations regarding how individuals are supposed to act in specific situations or environments.

Self-Concept

An individual's perception of themselves, including beliefs about their own abilities, appearance, and personality.

Conscience

An internalized slate of standards and principles that constitutes a person’s primary guide to action. May cause feelings of discomfort or distress when the violation of a rule is contemplated or carried out.

TV Privileges

The allowance or permission given to individuals, often children, to watch television as a form of reward or within set limits.