Which of the Following Statements Is False with Respect to Private

Multiple Choice

Which of the following statements is false with respect to private not-for-profit organizations?

A) Exchange transactions should be recorded on the accrual basis of accounting where the revenues are recognized when earned.
B) An intention to give should be recorded as revenue when the intention is communicated to the not-for-profit.
C) In certain situations, contributed services should be recognized as revenue.
D) FASB statement 124 requires that investments in equity securities with readily determinable values be reported at fair market value.