When a governmental hospital receives donations of supplies, such as of syringes, it should recognize contribution revenue equal to the amount the contributor paid for the supplies.

Question

Quizplus · Accepted Answer

A governmental hospital should recognize the fair value of donated commodities as revenue in the period when all eligibility requirements are met, which is usually in the period when the commodities are received.

When a Governmental Hospital Receives Donations of Supplies, Such as of Syringes