The National Association for the Preservation of Wildlife received $10,000 from a benefactor to support the overall objective of the organization.This amount will be recognized as revenue

Question

Quizplus · Accepted Answer

The revenue should be recognized in the period it is received, in accordance with the revenue recognition principle of generally accepted accounting principles (GAAP). Even though the organization has not yet spent the funds, they have been received and are therefore considered revenue.

The National Association for the Preservation of Wildlife Received $10,000