Question: Benevolent Society, a private not-for-profit organization, should recognize contributed services on its statement of activities if which of the following conditions is(are) met? I. The

Benevolent Society, a private not-for-profit organization, should recognize contributed services on its statement of activities if which of the following conditions is(are) met?

I. The contributed services create or enhance nonfinancial assets.

II. The contributed services require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation.

a. Both I and II.

b. Neither I nor II.

c. I only.

d. Either I or II.

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