The National Association for the Preservation of Wildlife received $10,000 fromA.benefactor to support the overall objective of the organization.This amount will be recognized as revenue
A) In the period received.
B) In the period spent.
C) Never, because it is not earned.
D) In the period it becomes susceptible to accrual.
Correct Answer:
Verified
Q5: FASB Statement No. 93 makes the recognition
Q14: Restricted contributions may be reported as unrestricted
Q15: FASB requires external financial reports to provide
Q18: The account title "Resources Released from Restriction"
Q21: During the annual fundraising drive, the Cancer
Q23: The characteristic that most clearly distinguishes a
Q24: Grace Church, a not-for-profit entity, operates a
Q33: Restricted gifts to not-for-profit organizations
A)Must always be
Q36: Not-for-profit organizations should report interest and dividends
Q44: A donor pledges $100,000 to the Shakespeare
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents