Open Air Conservatory, a Not-For-Profit Entity, Held a Fund-Raising Drive

question 40

Multiple Choice

Open Air Conservatory, a not-for-profit entity, held a fund-raising drive to raise money to buy land to provide a habitat for the endangered Sleepy Eagle.A donor pledged $1 million to the project provided that Open Air Conservatory was able to raise an additional $1.5 million from other sources.What entry should Open Air Conservatory make at the time of the $1 million pledge?

• A)Debit Pledge receivable $1 million; Credit Unrestricted revenue $1 million.
• B)Debit Pledges receivable $1 million; Credit Temporarily restricted revenue $1 million.
• C)Debit Pledges receivable $1 million; Credit Temporarily restricted net assets $1 million.
• D)No entry is made at the time of the pledge.

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Definitions:

Inclusion Management

The practice of ensuring all employees, regardless of their background or characteristics, feel valued and are given equal opportunities within an organization.

Managing Diversity

Refers to practices and policies designed to create a more inclusive workplace where various cultural, gender, age, and other differences are respected and valued.

Majority Cultures

The dominant cultural groups in a society, which hold significant power and influence over norms, values, and institutions.

Biculturalism

The coexistence of two distinct cultures in the same individual or society, often promoting the value and benefit of cultural diversity.