According to the FASB Codification,which of the Following Is a Condition

question 49

Multiple Choice

According to the FASB Codification,which of the following is a condition that must be met for contributed services to a not-for-profit organization (NFP) to be recorded as both a contribution and as an expense?

• A) The service creates or enhances nonfinancial assets, such as a carpenter renovating a building.
• B) The service requires a specialized skill and is provided by someone who possesses the specialized skill, such as a lawyer preparing contracts.
• C) The service supplements the management function, such as an auditor preparing a program audit, which is not normally done.
• D) All of the above must be met for contributed services to be recognized as a contribution and an expense.

Understand the use of a screw pitch gauge to measure thread characteristics.

Understand the importance of proper record-keeping for vehicle maintenance in interstate commerce.

Recognize safe lifting techniques to prevent personal injury.

Identify appropriate fire extinguisher types for different classes of fires.

---

Definitions:

Opportunity Loss Table

A table used in decision analysis that quantifies the difference between the payoff from the best action and all other actions for each state of nature.

Payoff Table

A decision-making tool used in statistics and business to show the expected outcomes of different decisions under various states of nature.

Decision Matrix

A tool used in decision-making to evaluate and prioritize a list of alternatives or options, based on a set of criteria.

Payback Period Matrix

A conceptual tool used in finance to evaluate the time required for an investment to return its initial cost, considering various scenarios or criteria.