Which of the following statements about contributions is false? A. Gifts of long
ID: 2484724 • Letter: W
Question
Which of the following statements about contributions is false?
A. Gifts of long-lived assets received are also recognized as temporarily restricted revenues if the not-for-profit has an accounting policy to imply a time restriction relating to the donation that expires over the useful life of the donated assets
B. Conditional promises are recognized as revenues when the contribution is made if it is more likely than not that the conditions will be satisfied
C. When contributions are made in the form of future promises, they are recorded for the present value of the future contribution as temporarily restricted revenues.
D. If the contribution is made in the form of a donor's promise to pay, revenue is recognized and a receivable is recorded when the promise is made, provided that there is sufficient evidence in the form of verifiable documentation that a promise was made and received
Explanation / Answer
Which of the following statements about contributions is false?
answer is
B. Conditional promises are recognized as revenues when the contribution is made if it is more likely than not that the conditions will be satisfied
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.