endowment received $20,000 in investment earnings, $3,000 of
which was related to earnings from the previous year which
were not received 80 days after the fiscal year end. At the end
of the year, the market value of the endowment was $510,000.
In its fund-based financial statements, how much should the
County recognize in conjunction with this endowment?
Question 16
A state or local government should not have multiple funds in
which of the following fund categories?
Question 17
The governmental fund measurement focus is on the
determination of
Question 18
A not-for-profit voluntary health and welfare organization
received a $500,000 permanent endowment. The donor
stipulated that the income must be used for a mental health
program. The endowment fund reported $60,000 net decrease
in market value and $30,000 investment income.The
organization spent $45,000 on the mental health program
during the year. What amount of change in temporarily
restricted net assets should the organization report?
Question 19
A not-for-profit voluntary health and welfare organization
received a $500,000 permanent endowment. The donor
stipulated that the income must be used for a mental health