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:

Number Format

A setting that determines how numbers are displayed, such as decimal places, currency symbols, or percentages.

Format Cells Dialog Box

A feature in spreadsheet software allowing users to change cell appearance, including formats for numbers, text, borders, and colors.

Decimal Places

The number of digits to the right of the decimal point in a number, indicating its precision.

Fill Handle

A tool in spreadsheet software used to automatically fill in cells with data based on the pattern of existing data.