If General Capital Assets Are Donated, Revenue Related to the Donation

question 11

True/False

If general capital assets are donated, revenue related to the donation is recognized in the governmental fund statement of revenue, expenditures and changes in fund balance.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise considered binding, not because of a formal contract, but because it was relied upon by another to their detriment.

Quasi-contract

A legal concept where a court imposes an obligation on a party to prevent unjust enrichment or unfair benefit at the expense of another, even if no actual contract exists.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across American states.

Partially Adopted

The state of having integrated or accepted a portion, but not all, of a concept, policy, or system.