A local antique shop pledged 10% of its sales on July 1 to Fresh Start, a not-for-profit organization. How should Fresh Start treat this pledge?
A) Accrue the pledge only if there is reasonable assurance that the antique shop will pay.
B) Accrue the pledge when it is made.
C) Recognize the pledge when it is collected.
D) Accrue the pledge only if the amount can be reasonably estimated.
Correct Answer:
Verified
Q1: Under fund accounting:_.
A)Net assets and net income
Q2: Not-for-profit revenue recognition criteria mirror those of
Q3: The deferral method of accounting generally results
Q4: When consolidated financial statements are prepared for
Q5: Under the deferral method, restricted contributions are
Q7: Not for profit organizations cannot be incorporated.
Q8: When budgetary control accounts are first set
Q9: A not-for-profit organization may disaggregate its financial
Q10: Regarding capital assets, large not-for-profit organizations are
Q11: Not-for profit organizations require additional disclosure with
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