Not for Profit Accounting: A private-purpose trust fund sold investments in secu

Question

Not for Profit Accounting:

A private-purpose trust fund sold investments in securities having a cost of $32,000 for $34,000, resulting in a $2,000 realized gain. The gain is

a. Generally transferred to an operating fund or the General Fund

b. Generally used to maintain the principal of the trust

c. Taxes receivable for other funds and units

d. Due to other funds and units

a. Generally transferred to an operating fund or the General Fund

b. Generally used to maintain the principal of the trust

c. Taxes receivable for other funds and units

d. Due to other funds and units

Explanation / Answer

b. Generally used to maintain the principal of the trust

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