Which of the Following Statements Is False with Respect to Not-For-Profit

question 111

Multiple Choice

Which of the following statements is false with respect to not-for-profit organizations?

• A) Exchange transactions should be recorded on the accrual basis of accounting where the revenues are recognized when earned
• B) An intention to give is the same as an unconditional promise to give and thus should be recorded as revenue in the same manner
• C) In certain situations contributed services should be recognized as revenue
• D) FASB statement 124 requires that investments in equity securities with readily determinable values be reported at fair market value

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Definitions:

Survival

The act of continuing to live or exist, typically in spite of an accident, ordeal, or difficult circumstances.

Human Strengths

The innate capacities and positive qualities that enable individuals to thrive and overcome challenges.

Free-Will

The concept that individuals have the power to make choices that are not predetermined by past events, genetics, or environment.

Psychology

The scientific study of the mind and behavior, exploring various aspects such as perception, cognition, emotion, and social dynamics.