Multiple Choice
Carl City received $200,000 to help maintain a local art museum that is owned and operated by a not-for-profit organization. During the year the city transferred net earnings of $20,000 to the appropriate entity/fund.
-The $200,000 gift would be reported in a (an) :
A) Special revenue fund.
B) Private-purpose trust fund.
C) Agency fund.
D) Permanent fund.
Correct Answer:
Verified
Correct Answer:
Verified
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