Which of the Following Statements Is NOT Correct

question 24

Multiple Choice

Which of the following statements is NOT correct?

• A) A contribution receivable should be recognized as an asset when the amount can be reasonable estimated and the ultimate collection is reasonably assured.
• B) A contribution receivable should be recognized as an asset when the amount can be reasonable estimated or the ultimate collection is reasonably assured.
• C) A contribution receivable is one where in the contributor receives nothing directly in return for his or her contribution.
• D)Government grants may qualify as contributions receivable.

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Definitions:

Risk of Loss

The risk of loss refers to the potential for an asset to lose value or for an investment to not perform as expected, often shifted from seller to buyer upon completion of certain conditions in a contract.

Accidental Fire

An unplanned and unintentional flame or blaze causing damage, which is not caused by deliberate action.

Marxist Exploitation Theory

The assertion that the powerful economic elite promotes, and benefits from, prejudice and discrimination.

Economic Elite

A small, privileged group positioned at the top of the economic hierarchy, possessing a significant amount of wealth and power.