In Accordance with FASB 116,contributions of Services Are Recognized as Increases

question 71

Multiple Choice

In accordance with FASB 116,contributions of services are recognized as increases in unrestricted net assets by a private,not for profit entity if which of the following criteria are satisfied? I.The services received create or enhance nonfinancial assets.
II) The services require specialized skills,are provided by individuals possessing those skills,and would typically need to be purchased if not provided by donations.
III) The services will be performed within the current fiscal year.

• A)I or II.
• B)I or III.
• C)II or III.
• D)I,II,III.

---

Definitions:

Drawbacks

Negative aspects or disadvantages associated with a situation, action, or decision.

Vulnerability-Stress Explanation

A model that explains how individual vulnerability interacts with external stressors to increase the likelihood of developing psychological disorders.

Depression

A mental health disorder characterized by persistently depressed mood or loss of interest in activities, causing significant impairment in daily life.

Upsetting Events

Incidents or occurrences that cause emotional distress, anxiety, or trauma.