10 Questions
Contributions to non-profit organizations are measured at fair value at the date of contribution. (True or False)
True
Unrestricted support increases temporarily restricted net assets. (True or False)
False
Restricted support increases permanently restricted net assets. (True or False)
True
Equity securities with fair value of P500,000 to be held indefinitely is an example of unrestricted support. (True or False)
False
Cash of P200,000 and land with a fair value of P1,000,000 to be used at the entity’s discretion is an example of unrestricted support. (True or False)
True
When does an unconditional promise to give cash or non-cash assets in a future period get recognized?
False
If the promised contribution becomes doubtful of collection, what is recognized?
False
Conditional promises to give are recognized only when what condition is met?
False
When is a conditional promise to give considered unconditional?
False
Under what circumstances are contributions of services recognized?
False
Test your understanding of recognition and measurement of cash and other non-cash assets in non-profit organizations. Explore how contributions are measured, reported, and categorized as unrestricted or restricted support revenue.
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