Multiple Choice
A membership pass to the YMCA (a private not-for-profit organization) includes unlimited rights to all facilities and a health magazine subscription. Non-members do not possess these rights. How must the YMCA account for membership dues?
A) The dues are a non-exchange transaction, so it should report all dues in the year received.
B) The dues are a non-exchange transaction, so it should report dues on a pro-rata basis determined by the length of the individual memberships.
C) The dues are an exchange transaction, so it should report dues on a pro-rata basis determined by the length of the individual memberships.
D) The dues are an exchange transaction, so it should report all dues in the year received.
Correct Answer:
Verified
Correct Answer:
Verified
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