Which Statement Below Is Not Correct for Financial Statements of Not-For-Profit

question 59

Multiple Choice

Which statement below is not correct for financial statements of not-for-profit entities?

• A) Pledged contributions are recognized in the accounting period in which pledged by donors.
• B) A not-for-profit entity's Statement of Financial Position includes a section specifically for net assets.
• C) Contributed assets are recognized by a not-for-profit entity as public support contribution revenue.
• D) Depreciation expense is not recognized by not-for-profit entities.
• E) Not-for-profit entities issue a Statement of Activities.

---

Definitions:

Ethical Principles

The fundamental guidelines or theories that inform and guide moral conduct, shaping decisions and behaviors in personal and professional contexts.

Bioethical Guidelines

Principles that guide ethical decision-making in medical and biological research, ensuring respect for all human and non-human life.

Ethics Review Boards

Ethics Review Boards are committees responsible for reviewing research proposals to ensure that they are ethically acceptable and that the rights and welfare of participants are protected.

Documenting Compliance

The process of recording and demonstrating adherence to regulations, standards, or guidelines.