Consider FASB standards for accounting for contributions and answer the following: a. Outline revenue recognition criteria for
Question:
a. Outline revenue recognition criteria for resources restricted for
(1) Time and
(2) Purpose.
b. Describe the difference in accounting for contributions with a condition and a restriction.
c. Outline the requirements for recognizing contributed services as revenue.
d. Outline accounting for multiyear pledges.
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a Resources that have been restricted by the donor for expenditure in future periods would be recognized as contribution revenue increasing temporaril...View the full answer
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I am a qualified Chartered Accountant by profession with a long career in corporate sector. I have been involved in mentoring my juniors teaching various aspects of accounting for 20 years. Besides that, I have taught many students at college at my house. I have worked with various types of companies like textile company, shipping company, stock broker company and steel manufacturing company. I have been involved in every aspect of accounting from data entry to finalisation. Besides that, I have being involved in income tax calculation of corporate company and individuals. Besides that, I have been involved in working and filing of indirect taxes , like VAT(value added tax ) and GST, (goods and services tax) for more than a decade for a Rs 600 crore company in India.
I have also involved in assessments with both direct and indirect tax authorities in India.
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Related Book For 
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
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