FASB Statement 116 Requires Contributions to Be Recorded as Revenue

question 26

True/False

FASB statement 116 requires contributions to be recorded as revenue when the contributed money is actually received.

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Definitions:

Stimulus

Any event or situation that evokes a response from an organism.

Observational Learning

A process in which an individual learns new responses by observing the behavior of another (a model) rather than through direct experience; sometimes called vicarious conditioning.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired; a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, aiming at the strengthening or weakening of voluntary behaviors.