Which of the following is an example of volunteer services received by a not-for-profit entity that should be recognized as revenue?
I.Services requiring specialized skills,provided by individuals with those skills,that otherwise would have to be purchased.
II.Services of lay faculty at a private university operated by a religious order.
III.Services that create or enhance non-financial assets,regardless of whether or not they require specialized skills.
A) I only
B) I and III only
C) II and III only
D) I,II,and III
Correct Answer:
Verified
Q2: Investment income for not-for-profit entities may include:
I.interest
Q3: Which of the following recognition and measurement
Q4: One of the major objectives of ASC
Q5: According to ASC 958,not-for-profit entities should recognize
Q6: For the year ended June 30,20X9,a university
Q8: According to ASC 958,the statement of financial
Q9: On the statement of activities for a
Q10: According to ASC 958,not-for-profit entities should report
Q11: A private university offers graduate assistantships to
Q12: A private university received $2,640,000 from student
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