Unconditional transfers of cash or other resources to an entity in a voluntary nonreciprocal transaction is the SFAS 116 definition for

Question

Quizplus · Accepted Answer

The SFAS 116 definition for unconditional transfers of cash or other resources in voluntary nonreciprocal transactions is contributions. This is because the transfer of resources is being made without any expectation of receiving something in return, and is therefore considered a donation or contribution. Miscellaneous revenues, unconditional promises to give, exchange transactions, and pledges do not necessarily fit this definition.

Unconditional Transfers of Cash or Other Resources to an Entity