Which of the following statements is NOT correct?
A) A contribution receivable should be recognized as an asset when the amount can be reasonable estimated and the ultimate collection is reasonably assured.
B) A contribution receivable should be recognized as an asset when the amount can be reasonable estimated or the ultimate collection is reasonably assured.
C) A contribution receivable is one where in the contributor receives nothing directly in return for his or her contribution.
D) Government grants may qualify as contributions receivable.
Correct Answer:
Verified
Q4: Collections are works of art that have
Q6: The maximum amortization period specified by Section
Q7: Which of the following financial statements are
Q9: In which fund would the purchase and
Q9: Which of the following is NOT an
Q12: What would be the balance in the
Q14: Which of the following was NOT a
Q15: How would the not-for-profit organization report each
Q15: Section 4431 contains a compromise applicable to
Q16: In which fund would the receipt of
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