A gift to a nonprofit school that is not restricted by the donor is credited in the general fund to:

Question

Quizplus · Accepted Answer

A gift that is not restricted by the donor is recognized as contributions revenue in the general fund. This revenue is recognized when the promise to give is made by the donor, and the school can reasonably estimate that it will receive the contribution. It is recognized as an increase in net assets and is not reported as a deferred revenue, nonoperating revenue, encumbrance or fund balance. Therefore, the correct answer is C) Contributions Revenues.

A Gift to a Nonprofit School That Is Not Restricted