In Accordance with ASC 958,contributions of Services Are Recognized as Increases

question 31

Multiple Choice

In accordance with ASC 958,contributions of services are recognized as increases in net assets without donor restrictions 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.

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Definitions:

Diphenhydramine

An antihistamine drug used to relieve allergic reactions, treat insomnia, and alleviate symptoms of the common cold.

Side Effect

An unintended and usually adverse effect of a drug or therapy that occurs in addition to the desired therapeutic effect.

Demerol

A brand name for meperidine, a narcotic analgesic used to treat moderate to severe pain.

Morphine IV

Intravenous administration of morphine, a powerful opiate used for severe pain management.