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A governmental entity receives a gift of cash and investments with a fair value of $200,000. The donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. The $200,000 gift should be accounted for in which of the following funds?

a) General fund.

b) Private-purpose trust fund.

c) Agency fund.

d) Permanent fund.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M995340

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