Charlie Drives His Own Vehicle as a Taxi on Weekends

question 95

True/False

Charlie drives his own vehicle as a taxi on weekends in his home town.With his PAP coverage,his automobile is covered since he is carrying passengers for a fee.

---

Definitions:

Restricted Fund Method

An accounting principle that mandates funds designated for a specific purpose by a donor must be tracked and reported separately from general funds.

Deferred Revenue

Revenue received by a company for goods or services to be delivered in the future, recognized as a liability until the service or product is provided.

Pledges Receivable

Amounts promised to an organization by donors that are recognized as assets before the cash is actually received.

Government Grants

Funds given by the government to individuals, organizations, or governments for specific purposes.