The Transactions Described in the Following Questions Occurred in a Voluntary

question 8

Multiple Choice

The transactions described in the following questions occurred in a voluntary health and welfare organization during the year ended December 31,20X8.For each transaction,indicate its effect(s) on the organization's statement of activities prepared for the year ended December 31,20X8.List all effects of transactions affecting more than one class of net assets.Indicate your choice(s) by entering the letter corresponding to the effects listed here:
Effects of Transactions on Statement of Activities
-Received cash contributions restricted by donors for research.

• A)Increases net assets with donor restrictions.
• B)Decreases net assets with donor restrictions.
• C)Increases net assets without donor restrictions.
• D)Decreases net assets without donor restrictions.
• E)Transaction is not reported on the statement of activities.

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Definitions:

Debt

Debt is an obligation or liability owed by one party to another, typically involving borrowed money that is to be paid back with interest.

Denominations

Refers to distinct religious groups within a larger faith, typically differing in organization, practice, and beliefs.

Methodist

A denomination of Protestant Christianity emphasizing a personal relationship with Jesus Christ, social justice, and the universality of God's grace.

Baptist

Baptist denominations are groups within Christianity known for practicing believer's baptism (as opposed to infant baptism) and upholding the autonomy of local congregations.