Under GAAP,for Nonprofit,nongovernmental Entities,an Unconditional Transfer of Cash or Other

question 11

Multiple Choice

Under GAAP,for nonprofit,nongovernmental entities,an unconditional transfer of cash or other assets to an entity,or a settlement or cancellation of its liabilities in a voluntary,non-reciprocal transfer,is called a(n)

• A)unconditional promise to give.
• B)contribution.
• C)conditional promise to give.
• D)residual equity transfer.

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Definitions:

Unexpectedly High

A level or measure that exceeds what was anticipated or forecasted.

Natural Rate

The long-term rate of unemployment around which the unemployment rate fluctuates, or the rate of output expected when resources are fully employed.

Aggregate Demand

The complete demand for all categories of goods and services in an economy, evaluated at a given price level for a particular period.

Inflation

How fast the broad price levels for goods and services climb, undercutting the ability to buy.