FASB Statement 116 Requires Conditional Promises to Give to Be

question 66

True/False

FASB statement 116 requires conditional promises to give to be recorded as revenue when the condition is met.

---

Definitions:

Variable Cost

Costs that vary directly with the level of production or output.

Planning Budget

A Planning Budget is an estimate of future revenues, expenditures, and resources over a specified period, used as a guide for financial management and strategic planning.

Catering Supplies

Products and materials used by companies and services that provide food and drink for events, meetings, and parties.

Corporate Function

Roles and activities that support an organization's overall objectives and strategic goals, typically not linked to producing goods or services.