_____ Under FAS 116, which of the following contributions are recognized in the statement of activities?
A) Contributions of services that enhance financial assets.
B) Contributions of services that enhance nonfinancial assets.
C) Contributions of services that enhance either financial assets or nonfinancial assets.
D) Contributions of services, regardless of whether they enhance assets or who performs them.
E) None of the above.

Question

Quizplus · Accepted Answer

Under FAS 116, contributions of services are recognized in the statement of activities if they enhance nonfinancial assets or require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation.

_____ Under FAS 116, Which of the Following Contributions Are