A voluntary health and welfare organization received a pledge in 20X1 from a donor specifying that the
Question:
A voluntary health and welfare organization received a pledge in 20X1 from a donor specifying that the amount pledged be used in 20X3. The donor paid the pledge in cash in 20X2. For what amount should it be accounted?
a. Contribution revenue in 20X3.
b. Contribution revenue in 20X2.
c. Contribution revenue in 20X1.
d. Contribution revenue in the period in which the funds are spent.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
Question Posted: