Gray College,a Private Not-For-Profit Institution,received a Contribution of $100,000 for Faculty

question 42

Multiple Choice

Gray College,a private not-for-profit institution,received a contribution of $100,000 for faculty research.The donation was received in 20X1 and $80,000 was spent in 20X1.As a result of these transactions,Gray College should report on its 20X1 statement of activities a:

• A) $100,000 increase in temporarily restricted net assets.
• B) $20,000 increase in temporarily restricted net assets.
• C) $80,000 increase in temporarily restricted net assets.
• D) $100,000 increase in unrestricted net assets.

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Definitions:

Clamping/Grasping

Clamping/Grasping involves using tools or techniques to hold or secure objects firmly, often used in surgical procedures or mechanical repairs.

Scalpels

Precision surgical instruments with a sharp blade used in operations to cut tissue.

Cutting

The act of dividing or severing something with a sharp instrument.

Consent Form

A document that individuals sign to give formal permission for a specific procedure or participation, acknowledging they have been informed of the risks, benefits, and alternatives.