Multiple Choice
_____ Under FAS 116, which of the following donated services would not be recognized as contributions in the statement of activities?
A) Services contributed by lay volunteers manning a phone bank.
B) Services provided by a lawyer (giving free legal advice) .
C) Services provided by a certified public accountant (performing an audit for free) .
D) Services provided by a carpenter (repairing facilities for free) .
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q18: Only certain public C&Us must follow the
Q19: _ A historical society received several old pictures
Q20: Public HCOs must recognize depreciation expense.
Q21: _ For a public C&U engaged in <u>both</u>
Q22: Under FAS 116, contributions with future payment
Q24: _ For a public C&U engaged in business-type
Q25: Under FAS 117, the "layered" format is
Q26: In general, revenues and expenses are reported
Q27: _ Under FAS 116, which of the
Q28: _ For a public C&U engaged in business-type