A meeting hall owned by the Loyal Order of the Ostrich, a nongovernmental not-for-profit entity, was severely damaged during a hurricane. A group of local electricians and the members of the organization donated their time and services to help repair the hall. Revenue recognition is necessary for the fair value of the services provided by The electricians, only if they are not members of the organization. The members, only if their activities required special skills. O Both the electricians and the members. O Neither the electricians nor the members. A meeting hall owned by the Loyal Order of the Ostrich, a nongovernmental not-for-profit entity, was severely damaged during a hurricane. A group of local electricians and the members of the organization donated their time and services to help repair the hall. Revenue recognition is necessary for the fair value of the services provided by The electricians, only if they are not members of the organization. The members, only if their activities required special skills. O Both the electricians and the members. O Neither the electricians nor the members. An alumnus donated securities to Rex College, an NFP. The donor stipulated that the principal be held in perpetuity and that the investment income be used for faculty travel. Dividends received from the securities should be recognized as increases in O Board-designated endowment funds. Net assets to be held in perpetuity. O Net assets with donor restrictions. Net assets without donor restrictions. Stanton College, a nongovernmental not-for-profit entity, received a building with no donor stipulations as to its use. Stanton does not have an accounting policy implying a time restriction on donated assets. What type of net assets should be increased when the building was received? 1. Without donor restrictions II. Temporarily restricted III. Permanently restricted III only. I only. O Il only. II or III. Janna Association, a nongovernmental not-for-profit entity, received a cash gift with the stipulation that the principal be held for at least 20 years. How should the cash gift be recorded? A temporary liability. Net assets with donor restrictions. Net assets without donor restrictions. An asset restricted in perpetuity.