F6M3

Question 1

contribution revenue is recognized ….

Answer 1

when collection is assured and conditions, if any, have been substantially met

Question 2

The amount reported for total salary and fringe benefit expense

Answer 2

does not include reimbursed expenses for volunteer faculty

Question 3

Contributions of services that do not enhance financial assets are recognized SOME of the time:

Answer 3

Specialized skill required and possessed by the donor

Otherwise needed by the organization

Measurable

Easily

Question 4

journal entry for contribution of services that meet the SOME requirements and are without restrictions.

Answer 4

Debit Accounting Expense
Credit Contribution without donor restrictions