A Gift-In-Kind,for Which the Not-For-Profit Entity Has No Discretion on Disposition,should

question 25

Multiple Choice

A gift-in-kind,for which the not-for-profit entity has no discretion on disposition,should be accounted for by the not-for-profit,nongovernmental entity as

• A)a special purpose contribution.
• B)an exchange transaction.
• C)an agency transaction.
• D)a conditional promise to give.

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Definitions:

Unsolicited Merchandise

Goods sent to a person without their request, often with the implication that payment is expected if the goods are used or not returned.

Gift

A voluntary transfer of property or funds from one person to another without consideration or expectation of return.

Unauthorized Charges

Transactions made on a payment card without the cardholder's consent or approval, often indicative of fraud.

Credit Card

A plastic card issued by a bank or financial institution allowing the cardholder to borrow funds at the point of sale to pay for goods and services based on the cardholder's promise to pay back the borrowed amount plus any agreed-upon fees.