A local philanthropist has pledged to make a donation of $100,000 to a Non-Profit Organization. The pledge will be paid in five equal installments of $20,000 beginning in the next fiscal year. Using the applicable FASB standards, how should the pledge be recognized?

A. Support of $20,000 in each of the following five years.

B. Support of $20,000 in the year the pledge was made and $80,000 as deferred support.

C. Deferred support of $100,000 in the year the pledge was made.

D. Support of $100,000 in the year the pledge was made, discounted at an appropriate rate for future receipts.

14. Which statement below is NOT true regarding accounting and reporting for federal government agencies versus accounting and reporting for state and local governments?

a) In their respective government-wide statements, state and local governments use the accrual basis of accounting whereas federal agencies use the cash basis of accounting.

b) State and local governments record appropriations whereas federal agencies record apportionments.

c) Federal agencies use a dual-track method of accounting for proprietary accounts and budgetary accounts; state and local governments use both budgetary and proprietary accounts only in governmental funds.

d) The budget is recorded in the general ledger of a state or local government, but not in the general ledger of a federal agency.

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