Question: What criteria must be met before donated services can be recorded as contribution revenue and an expense? Give an example of a service that might

What criteria must be met before donated services can be recorded as contribution revenue and an expense? Give an example of a service that might qualify as a donated service for accounting purposes.

Step by Step Solution

★★★★★

3.30 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To be recorded as contribution revenue and either an expense or asset a donated service must 1 crea... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

70-B-A-N-P-O (8).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Jacob Weinstein wants a program that displays his savings account balance at the end of the month, given the beginning balance, total deposits, and total withdrawals. a. Using the chart shown earlier...

What criteria must be met before a bill- and- hold contract may result in revenue recognition before delivery?

What criteria must be met before an NFP organization can record donated services? If the criteria are met, how should donated services be recorded? Give examples to support your answer.

What two criteria must be met before a loss contingency is reported in a companys financial statements?

Identify the four (4) financial statements the Financial Accounting standards Board (FASB) requires Voluntary Health and Welfare Organizations (VHWOs) to report to users. Identify the three (3)...

A donor pledged $500,000 to a not-for-profit hospital in 2003 to conduct medical research, conditional on the hospital raising $500,000 from other donors. The other donors met the condition in 2004....

Home Depot, Inc. ANALYSIS OF THE FINANCIAL STATEMENTS OF A PUBLICLY OWNED CORPORATION This Comprehensive Problem is to acquaint you with the content of the 2018 financial statements of Home Depot,...

COMPLETE AND ACCURATE RESPONSES WILL BE THUMBED UP PROMPTLY, THANK YOU! REFERENCE THE MATERIAL BELOW FOR YOUR ANSWER: Part 1 Annual reports include not only comparative financial statements but also...

Hello,please help me with the practice set attached. ACG 3100 1.Which of the following is NOT normally an objective of financial reporting? a. To provide information about an entity's assets and...

Predict whether the following reactions will be spontaneous in acidic solution under standard conditions: (a) Oxidation of Sn to Sn2+ by I2 (to form I-) (b) Reduction of Ni2+ to Ni by I- (to form I2)...

The Federal Funds rate in spring 2007 was approximately normal with = 5.25% and = 0.05%. Find the probability that the rate on a given day will be less than 1.1%.

SYSTEM DYNAMICS MODEL of CARS DEALERSHIP 1 . Read the guiding material Guiding material: A System with Delays Business Inventory Picture a stock of inventory in a store a car dealership with an...

Create a scenario that demonstrates specific ways in which management could manipulate transactions impacting inventory values that the auditing team might not detect. Recommend key strategies that...

What is the difference between a subsequent event that occurs between the balance sheet date and the audit report date and the discovery after the audit report date of facts that existed at the...

Glacier Fishing Gear reported the following amounts for its cost of goods sold and ending inventory : ________________________________ ______2014 2013 Cost of goods sold.$170,000$175,000 ending...

Carberry Company is trying to determine the value of its ending inventory as at February 28, 2017, the company's year end. The accountant counted everything that was in the warehouse as at February...

1. How did Lotte.com use analytics to improve sales? 2. What were the challenges, the proposed solution, and the obtained results? 3. Do you think e-commerce companies are in better position to...

Just-in-Time (lean) manufacturing insures all of these except (a) at every stage in the production process the inputs necessary for the next stage are available, but without excess inventory. (b)...

Describe the format prescribed by the GASB for the government-wide statement of activities and how that format benefits financial statement users.

The city manager of University City is finalizing the budget proposal that must be submitted to the city council 60 days prior to the July 1 start of the next fiscal year, FY 20X2. An economic...

As noted in Appendix B to this chapter, most, if not all, state governments require public school districts to report financial and other data to the appropriate state agency so the state can report...

Use the interest rate tree below. The first number at each node is the 0.5-year rate at that node. The next number is the price of $1 par of a 0.5-year zero at that node. The next number, at the time...

You find a certain stock that had returns of 14.8 percent, 22.4 percent, 28.4 percent, and 19.4 percent for four of the last five years. Assume the average return of the stock over this period was...

Annual inflation in Canada has been low for several years. Suppose a provincial survey is conducted by a polling organization, and Saskatchewanians answered the question: "are you not at all...