Contributed Services Are Recognized as Revenue for a Private Not-For-Profit

question 162

Multiple Choice

Contributed services are recognized as revenue for a private not-for-profit when the service:

• A) Is related to administration and fund raising activities.
• B) Requires specialized skills, is provided by someone possessing those skills, and typically would be purchased if not provided by donation.
• C) A and B are both required for the service to be recorded as revenue
• D) None of the above, contributed services are not recorded as revenue

---

Definitions:

Bait and Switch

A deceptive marketing strategy where a customer is lured by the advertisement of a low-priced item but then is encouraged to buy a more expensive one.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," indicating that the buyer assumes the risk for the quality of goods purchased, unless protected by warranty.

Former Price Comparisons

A method of evaluating the price history of a product or service to assess its current value.

High Price Tags

Items or services being sold at a high cost, indicating either premium quality, brand value, or exclusivity.