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| United Ways, a voluntary health and welfare organization, received a contribution of $10,000 from a donor in year 1 . The donor did not specify any use restrictions on the contribution; however, the donor specified that the donation should not be used until year 2. The governing board of United Ways spent the contribution in year 2 for fund-raising expenses. For the year ended December 31, year 1 , United Ways should report the contribution on its A. Statement of financial position as deferred revenue. B. Statement of activities as unrestricted revenue. C. Statement of financial position as an increase in fund balance. D. Statement of activities as temporarily restricted revenue. |