2. 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.