Author Question: A government receives a bequest of 300,000 to establish an endowment fund whose income is to be used ... (Read 81 times)

Starlight · **on:** Jul 6, 2018

A government receives a bequest of 300,000 to establish an endowment fund whose income is to be used to support scholarships for local high school students. The school district is not part of the government.

The government should report this activity in which type of fund?
a. Permanent Fund
b. Private-purpose Trust Fund
c. Investment Trust Fund
d. Agency Fund

Question 2

The amount a customer can deduct if the bill is paid within a specific period of time is called a
a. Credit Period
b. Cash Discount
c. Credit Discount
d. Trade Discount