1. A donor, Jill Brown, puts an entry into her last will and testament to leave Miss University in Mississippi $15,000,000 on October 10, 2018 to be used to pay for a new classroom building named after her late husband, Billy Brown. The university was immediately informed of this bequest by the donor's attorney on October 21, 2018. The donor dies on January 2, 2019. The university receives the check for the bequest on May 4, 2019. The classroom building planning and construction began December 3, 2019 and was placed into operation in January 2, 2021. When should the $15,000,000 bequest be recognized by Miss University?

A. October 21, 2018.

B. January 2, 2019.

C. May 4, 2019.

D. January 2, 2021.

2. A donor pledges $100,000 on December 15, 2018 to be paid in one amount to Columbia University.

No donor restrictions were applied. The contribution is to be received four years from the pledge. If the

present value of $1 at 3 percent is 0.8885, the journal entry to record the pledge would include:

A. Debiting contributions receivable, $88,850.

B. Crediting contributionswith donor restrictions, $100,000.

C. Crediting discount of pledges, $11,150.

D. Debiting net assetswithout donor restrictions, $100,000

3. Cathleen Hallmark, president of the save-the-professor foundation, a non-for-profit, spends 80 percent

of her time on presidential and board-related duties, which half of that time is also spent fundraising. She

spends the remaining 20 percent of her time working on mission-oriented activities. On the statement of

activities, Cathleen Hallmark's salary and benefits:

A. Should all be recognized as management and general expenses.

B. Should be subdivided as half in fundraising and half in management and general expenses.

C. Should be subdivided as 20 percent in program expenses, 40 percent in management and general, with

the remainder in fundraising expenses.

D. Should never be allocated to program expenses.