Chapter 11 Question 15,17,18

Chapter 11 Question 15,17,18 - endowment gift that may be...

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.Chapter 11 Question 15 a. Unrestricted b. Temporarily restricted c. Unrestricted if there is a reasonable expectation of eventual collection d. Permanently restricted e. Unrestricted f. Temporarily restricted Chapter 11 Question 17 1. Unrestricted, temporarily restricted, permanently restricted 2. Unrestricted may be used for any reasonable operating purposes, temporarily restricted may not be used except for certain purposes or at a certain point in time, permanently net assets may not be expensed – only their earnings may be used. 3. Unrestricted – sale of items from a gift shop, Temporarily restricted – a grant that may only be used for a specific research project; permanently restricted – an
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Unformatted text preview: endowment gift that may be invested and the interest used for a particular purpose. Chapter 11 Question 18 a. The celebrity cannot be recorded because anyone can make fund-raising phone calls. Even though we might argue that the celebrity raises more money, we cannot record their donated time as support. b. The plumbing repair cannot be recorded because CPAs don’t possess specialized knowledge to correctly fix a leak. The time the CPA worked on the annual financial report cannot be considered to be a donation because he was being paid. c. Only the carpenter’s time fixing the cabinet can be recorded as contribution revenue....
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