When should an NFPO make a reclassification of its net assets?
Answer to relevant QuestionsUnder what circumstances must an NFPO recognize a contributed work of art as revenue? Under what circumstances does the organization have an option not to recognize it as revenue? The text states that NFPOs have the option of not recognizing donated works of art, historical artifacts, and similar items as assets and revenues, provided they are added to collections and the NFPOs meet certain other ...(Multiple choice) 1. How should expenses be reported in an NFPO’s statement of activities? a. As decreases in the net asset classification in which the revenues were reported b. As decreases of permanently restricted net ...Youth Services Agency (YSA) is a VHWO that provides counseling and recreation programs for youthful offenders. YSA’s programs are financed through a contract with the county in which the agency is located and through ...Under what circumstances, if any, would a not- for- profit hospital recognize donated services and donated drugs in its records?
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