For the Year Ended June 30,20X9,a Private College Received Contributions

question 126

Multiple Choice

For the year ended June 30,20X9,a private college received contributions from alumni which were restricted for faculty research stipends to be awarded during the next fiscal year.For the year ended June 30,20X9,these contributions should be disclosed on the statement of activities of the private college as an increase in:

• A) the fund balance of the restricted current fund.
• B) temporarily restricted net assets.
• C) deferred revenues.
• D) temporarily restricted fund balance.

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Definitions:

Personnel Manager

A professional responsible for overseeing the recruitment, training, and welfare of employees.

Management Trainee

A management trainee is an individual in an entry-level position, undergoing training and performing tasks under supervision to learn the skills necessary for management positions.

Confidential Information

Sensitive data that is meant to be kept secret from unauthorized parties, including trade secrets, business strategies, and personal information.

Gratuitous Agents

Those who act on behalf of another without receiving any compensation for their services.