FASB Generally Requires That Not-For-Profit Organizations Record Unconditional Pledges as Support

question 38

True/False

FASB generally requires that not-for-profit organizations record unconditional pledges as support (contributions)only when received in cash.

---

Definitions:

Saint Domingue

The French colony on the island of Hispaniola from 1697 until 1804, which became the wealthiest in the Caribbean due to its slave-based sugar and coffee industries before leading to the Haitian Revolution.

American Response

The reaction or counteraction of the United States to domestic or international events, policies, or challenges.

Black Haiti

Refers to the state of Haiti after the successful slave revolution against French colonial rule in 1804, leading to it becoming the first black republic.

Sedition Act

Legislation enacted by various countries at different times to prevent and punish actions perceived as promoting dissent or rebellion against the government.