According to the FASB Codification, which of the following is a condition that must be met for contributed services to a not-for-profit organization (NFP) to be recorded as both a contribution and as an expense?

Question

Quizplus · Accepted Answer

For contributed services to a not-for-profit organization to be recorded as both a contribution and an expense, the services must require specialized skills, be provided by individuals possessing those skills, and typically need to be purchased if not provided by donation. This is why option B is correct. Options A and C describe scenarios where contributed services might be recognized, but they do not encompass the full criteria required for recognition as both a contribution and an expense. Option D is incorrect because it suggests all conditions must be met, which is not accurate according to the FASB Codification.

According to the FASB Codification, Which of the Following Is