Under GAAP,for nonprofit,nongovernmental entities,an unconditional transfer of cash or other assets to an entity,or a settlement or cancellation of its liabilities in a voluntary,non-reciprocal transfer,is called a(n)

Question

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An unconditional transfer of cash or other assets to a nonprofit, nongovernmental entity is called a contribution under GAAP. This transfer must be voluntary, non-reciprocal, and without any conditions attached to it. It could be in the form of cash, stocks, bonds, or any other asset. It may also involve the cancellation or settlement of the entity's liabilities. Therefore, option B is the correct answer. Option A and C refer to promises to give, which are different from an actual transfer of assets. Option D is not a relevant term in this context.

Under GAAP,for Nonprofit,nongovernmental Entities,an Unconditional Transfer of Cash or Other