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5. On December 1, 2016, a college received a pledge to support a program in the following two years. Which of the following is true
5. On December 1, 2016, a college received a pledge to support a program in the following two years. Which of the following is true with respect to this pledge?
- A. If the college is a private institution, the contribution revenue will be recognized within the with donor restrictions category provided the pledge is unconditional.
- B. If the college is a public institution, no contribution revenue will be recognized in 2016 since the time restriction is deemed to be an unsatisfied eligibility requirement.
- C. Both A and B are true
- D. Neither A nor B are true
- 6. On December 1, 2016, a college received a pledge of support for the general endowment. Which of the following is true with respect to this pledge??
- A. The contribution will be recognized as revenue in 2016 if the college is a public institution.
- B. The contribution will be recognized as revenue in 2016 if the college is a private institution.
- C. Both A and B are true
- D. Neither A nor B are true
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Auditing and Assurance Services
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
6th edition
978-1259197109, 77632281, 77862341, 1259197107, 9780077632281, 978-0077862343
