Unconditional transfers of cash or other resources to an entity in a voluntary nonreciprocal transaction is the GAAP definition of:
A) Miscellaneous revenues.
B) Contributions.
C) Unconditional promises to give.
D) Exchange transactions.
E) Pledges.

Question

Quizplus · Accepted Answer

Contributions are defined under GAAP as unconditional transfers of cash or other resources to an entity in a voluntary nonreciprocal transaction.

Unconditional Transfers of Cash or Other Resources to an Entity