Which of the following statements is not correct with respect to conditional and unconditional pledges
A) FASB requires contributions, including unconditional pledges to be recorded as revenues when the promise is made.
B) Conditional pledges to give are not recognized as revenues until the conditions are satisfied.
C) If a conditional pledge is made and the money is received by the not-for-profit, but if the condition is not met, the potential donor is not bound by the promise and may require the money be returned.
D) Conditional pledges are recorded as unearned revenue.
Correct Answer:
Verified
Q140: When should unconditional pledges be recorded as
Q141: FASB Statement 136 Transfer of Assets to
Q142: Contrast the reporting of mergers and acquisitions
Q143: What is the treatment of multi-year pledges
Q144: What are the revenue recognition requirements for:
1)
Q146: According to FASB standards, how are not-for-profit
Q147: Generally speaking, not-for-profit organizations record and measure
Q148: Which of the following is not
Q149: Which of the following statements is correct
Q150: With respect to a not-for-profit that holds
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents