A Not-For-Profit Organization Receives a Restricted Contribution of $20,000 to Be

question 1

Multiple Choice

A not-for-profit organization receives a restricted contribution of $20,000 to be used for a specific project. During the current year, $14,000 is spent toward the project with the balance to be spent next year. How much donation revenue should the not-for-profit organization recognize in the current year, if the organization uses the restricted fund method of reporting and did not have a fund for this project?

• A) $6,000
• B) $14,000
• C) $20,000
• D) $34,000

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