During the Current Year, Luis University Received a $50,000 Gift

question 21

Multiple Choice

During the current year, Luis University received a $50,000 gift from an alumna who specified that it must be used to pay travel costs for faculty to attend health care conferences in foreign countries.During the year the university spent $8,000 to support travel to a health care conference in Italy.The $8,000 disbursement will cause a NET decrease in which class of net assets?

• A)Unrestricted net assets.
• B)Temporarily restricted net assets.
• C)Permanently restricted net assets.
• D)Cannot be determined.
• Use the following information for Questions 5 and 6.
• Lane College Foundation is governed by a board, some members of which are appointed by the president of Lane College and some of which are elected by the alumni.The foundation was created to solicit and accept donations on behalf of Lane College, a private not-for-profit college.Lane College and its foundation are deemed to be financially interrelated.All funds collected by the foundation must be used to support activities of Lane College.The foundation board can select which activities of Lane College it supports.Lane Foundation received a $1 million bequest from the estate of a 1940 graduate.

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Definitions:

Superclass

The parent class from which a subclass inherits fields and methods in object-oriented programming.

Unchecked Exception

A type of exception in Java that does not need to be declared in a method or constructor's throws clause if it can be thrown during the execution of the method or constructor.

Program Terminate

Program terminate refers to the conclusion of a program's execution, where the program ceases to run and returns control to the operating system or calling process.

Catch Block

A segment of code designed to handle an exception that occurs during the execution of a try block.