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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