Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Indicate how the following contributed service would be recorded by a private, not-for-profit organization: A parent of one of the league participants volunteered to coach

Indicate how the following contributed service would be recorded by a private, not-for-profit organization:

A parent of one of the league participants volunteered to coach the soccer team for his sons junior league. The parent coached professionally before retiring 10 years ago. The previous two coaches had never coached before.

The contribution is not recorded.

The contribution is recorded as revenue with an equal amount recorded as expense.

The contribution is recorded as revenue with an equal amount recorded as other financing uses.

The contribution is recorded as an asset with an equal amount recorded as expense.

The contribution is recorded as an asset with an equal amount recorded as contribution revenue.

Indicate how the following contributed service would be recorded by a private, non-profit organization:

Several members of a local church donated time delivering meals to elderly members.

The contribution is not recorded.

The contribution is recorded as revenue with an equal amount recorded as expense.

The contribution is recorded as revenue with an equal amount recorded as other financing uses.

The contribution is recorded as an asset with an equal amount recorded as expense.

The contribution is recorded as an asset with an equal amount recorded as contribution revenue.

Indicate how the following contributed service would be recorded by a private, non-profit organization:

Several members of the Penn State Harrisburg baseball team donated time coaching a team in the local little league.

The contribution is not recorded.

The contribution is recorded as revenue with an equal amount recorded as expense.

The contribution is recorded as revenue with an equal amount recorded as other financing uses.

The contribution is recorded as an asset with an equal amount recorded as expense.

The contribution is recorded as an asset with an equal amount recorded as contribution revenue.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Medicare Recovery Audit Contractor Program A Survival Guide For Healthcare Providers

Authors: Duane C. Abbey

1st Edition

1439821003, 978-1439821008

More Books

Students also viewed these Accounting questions