A city received a donation of $10 million. The amount was to be set aside in an
Question:
A city received a donation of $10 million. The amount was to be set aside in an endowment fund with income only to be used to preserve and improve its parks. In the year it was received the $10 million should be
a. Recognized as revenue in a special revenue fund.
b. Recognized as a direct increase to fund balance in a permanent fund.
c. Recognized as revenue in a permanent fund.
d. Recognized as revenue in a fiduciary fund.
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Related Book For 
Government And Not For Profit Accounting Concepts And Practices
ISBN: 9781119803898
9th Edition
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese
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