Pledges Should Be Reported by a Nongovernment Not-For-Profit Organization as Revenues

question 31

Multiple Choice

Pledges should be reported by a nongovernment not-for-profit organization as revenues in the period that they are unconditionally received

• A) By the organization.
• B) By the organization if the pledges are unrestricted.
• C) By the organization if the pledges are unrestricted and have been collected by year end.
• D) If the organization has incurred qualifying costs.

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Definitions:

Inventory

The total amount of goods and materials held in stock by a business, used in production or ready for sale.

Mutual Trust

The shared belief between parties that each will act in the interest of the other, critical for successful personal and professional relationships.

Supply Chain

A configuration of groups, participants, operations, insights, and resources tasked with the delivery of a product or service from the producer to the purchaser.

Partnering Relationships

Strategic alliances between businesses or organizations aimed at achieving common goals through cooperation.