Which Statement Below Is Not Correct for Financial Statements of Not-For-Profit

question 59

Multiple Choice

Which statement below is not correct for financial statements of not-for-profit entities?

• A) Pledged contributions are recognized in the accounting period in which pledged by donors.
• B) A not-for-profit entity's Statement of Financial Position includes a section specifically for net assets.
• C) Contributed assets are recognized by a not-for-profit entity as public support contribution revenue.
• D) Depreciation expense is not recognized by not-for-profit entities.
• E) Not-for-profit entities issue a Statement of Activities.

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Definitions:

Faulty Assumptions

Incorrect beliefs or misconceptions that individuals hold, often leading to negative outcomes or behaviors based on those beliefs.

Metacognitive Theory

A theory suggesting that people with generalized anxiety disorder implicitly hold both positive and negative beliefs about worrying.

Intolerance Of Uncertainty Theory

An explanation for generalized anxiety disorder that states that certain individuals cannot tolerate the knowledge that negative events may occur, even if the possibility of occurrence is very small.

Unconditional Positive Regard

A concept in client-centered therapy proposing unconditional acceptance and support of a person regardless of what they say or do.