Which of the Following Would not Be Correct with Respect

question 76

Multiple Choice

Which of the following would not be correct with respect to accounting for colleges and universities under the jurisdiction of the FASB?

• A) Contributed services should be recognized only when the services create or enhance nonfinancial assets or require specialized skills, are provided by an individual possessing those skills, and would typically be purchased if not provided by donation
• B) Unconditional pledges are deferred and recognized as revenue when collected.
• C) Depreciation is recorded
• D) Investments in stock with determinable fair values and all debt securities are reported at market value

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Definitions:

Plan of Union

A proposal made by Benjamin Franklin at the Albany Congress in 1754 for the creation of a unified government for the Thirteen Colonies, which was not implemented but laid groundwork for future unity.

Albany Congress

A meeting of representatives from several American colonies in 1754 to discuss forming a united front against the French and Native American threats.

Autonomy

The right or condition of self-government, usually within a larger political or organizational entity.

Pressing Problem

A Pressing Problem refers to an urgent and important issue that requires immediate attention and resolution.