A Private College Received an Offer from a CPA Who

question 79

Multiple Choice

A private college received an offer from a CPA who is an alumnus to teach a one-semester advanced accounting course at no cost.FASB 116 (ASC 958) prescribes that this contribution of service:

• A)need only be disclosed in the footnotes to the financial statements.
• B)be recorded as an asset with an equivalent amount recorded in the unrestricted fund balance.
• C)be recorded as a revenue with an equivalent amount recorded as an expenditure.
• D)need not be recorded if the service is for a period less than one academic year.

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