Question

For each of the following definitions, indicate the key term from the list that best matches by placing the appropriate terms. 1. Unrestricted net assets that the governing body decides to set aside for specific purposes The unilateral power of an organization to redirect donated assets of a different beneficiary than |initially indicated by the donor 3. Net assets for which the donor has indicated use in a future period or for a particular purpose 4. Transactions in which the donor derives no direct tangible benefits 2. Works of art, historical treasures or similar assets held and protected for public exhibition, and, if sold, proceeds would be used to acquire similar assets

Options are:

Non-exchange transactions

Net assets with donor restrictions

Collections

Variance Power

Board designated net assets

Endowment

Promise to give

Answer 1

1. Board designated net assets

2. Variance Power

3. Temporarily restricted net assets.

4. Non-exchange transactions

5. Collections