A voluntary health and welfare organization received unrestricted cash donations of $20,000 from donors who attended a dinner held for the benefit of the organization. The costs of the dinner, including room rental, and other expenses, amounted to $7,000. On the statement of activities prepared for the voluntary health and welfare organization, the expenses of the dinner should be:
A. reported as management and general expenses.
B. reported as fundraising costs.
C. netted against the $20,000 of contribution revenue.
D. reported as programmatic expenses.
Answer: B
You might also like to view...
______ has been associated with success for managers and salespeople.
A. Extroversion B. Agreeableness C. Openness to experience D. Emotional stability E. Conscientiousness
Neil and Paul formed a partnership. During the year, Neil and Paul withdrew $13,000 and $6,000, respectively. Provide the journal entry to close the withdrawal accounts. Omit explanation.
What will be an ideal response?
The effective interest method produces a constant dollar amount of bond interest expense to be reported each interest period
Indicate whether the statement is true or false
Price discrimination is legal when a ________
A) manufacturer and reseller have agreed upon a specified retail price for a product B) manufacturer sells to retailers in different markets C) seller can prove its costs are different when selling to different retailers D) seller advertises prices that are not actually available to consumers E) seller has not communicated with competitors before announcing prices