1. Nature Savers, a non-profit, receives artwork that is worth $10,000. Nature savers will use the art work in its HQ, and if selling the artwork, will buy another piece of art work for the same amount. Should this artwork be:

1. Valued at $10,000
2. Not recorded as revenue, but as an asset
3. Not recorded as revenue or an expense

2. On July 1, 2020, Bob states that will he would make a contribution $100,000 as a challenge donation to Nature Savers if Nature Savers receives donations of $100,000 by the end of the fiscal year (June 30, 2021). Nature Savers should not record any revenue on July 1, 2020. T/F

3. ALL CAPS U provides a scholarship for students. The scholarship defrays the $10,000,000 total cost of tuition. This amount would not be recorded as revenue, as the students did not pay tuition. T/F

4. Acme Hospital receives a donor donation of $5,000,000 that can only be used for a building. This would be an operating cash flow item. T/F

5. A Hospital receives $10,000 worth of essential services from volunteers. Would this be:

1. Revenue and expense
2. Only revenue
3. Not recorded