Landon College, a Private College, Received a $1 Million Donation

question 30

Multiple Choice

Landon College, a private college, received a $1 million donation.The donor specified that the principal of her gift could never be used for program activities, but the earnings on the principal must be used to provide scholarships to academically qualified students in the business school.The $1 million gift would increase which of the following categories of net assets?

• A)Unrestricted net assets.
• B)Temporarily restricted net assets.
• C)Permanently restricted net assets.
• D)Either (b)and (c).

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Definitions:

Ethnic Diversity

The presence of multiple ethnic groups within a given society, often contributing to a rich cultural mosaic but sometimes leading to social tension and conflict.

Harlem Renaissance

African-American literary and artistic movement of the 1920s centered in New York City’s Harlem neighborhood; writers Langston Hughes, Jean Toomer, Zora Neale Hurston, and Countee Cullen were among those active in the movement.

Claude McKay

A Jamaican writer and poet who was a seminal figure in the Harlem Renaissance, a significant literary movement in the 1920s among African Americans.

Slumming

The practice of visiting poorer urban areas for the purpose of entertainment or voyeurism by those from higher socioeconomic classes.