A Not-For-Profit Organization Receiving Donated Fixed Assets Must Record Those

question 115

True/False

A not-for-profit organization receiving donated fixed assets must record those assets as temporarily restricted.

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Definitions:

Firm Offer

Under the Uniform Commercial Code, a signed, written offer by a merchant containing assurances that it will be held open, and which is not revocable for the time stated in the offer, or for a reasonable time if no such time is stated.

Consideration

In contract law, something of value exchanged between parties that is necessary for a valid contract.

Offeror's Death

refers to the termination of an offer in contract law due to the death of the person making the offer before it is accepted.

Automatically Terminates

A clause in an agreement that causes the contract to end without the need for notice, upon the occurrence of specific conditions.