Multiple Choice
Which of the following is not a condition for recording donated services?
A) The individual providing the service provides an invoice detailing the hours contributed but waives the requirement for payment.
B) The service requires a specialized skill and the donor possesses those skills.
C) The service would have been paid for if not donated.
D) The service creates or enhances a non-financial asset.
Correct Answer:

Verified
Correct Answer:
Verified
Q13: Private not-for-profit organizations should have little to
Q16: Which of the following is <u><b>not</u></b>
Q57: A civic ballet company sells 100 "Benefactor"
Q59: Net Assets must be presented separately in
Q61: A donor made a gift of cash
Q64: Which organization has standard setting authority over
Q65: All donated services are recognized as revenue.
Q66: FASB statement 116 requires conditional promises to
Q67: Donated services should be considered revenue if
Q113: What is the treatment of multi-year pledges