GAAP defines a contribution as unconditional transfer of cash or other assets to an entity or a settlement or cancellation of its liabilities in a voluntary,nonreciprocal transfer by another entity acting other than as an owner.

Question

Quizplus · Accepted Answer

This statement accurately defines a contribution according to GAAP (Generally Accepted Accounting Principles).

GAAP Defines a Contribution as Unconditional Transfer of Cash or Other