a. The primary revenue source for not-for-profit organizations is contributions. Please define what a contribution is, and discuss how the different types of contributions are recognized as revenue (i.e. cash contributions, unconditional promise to give, conditional promise to give, multi-year pledge).
b. How should a loss contingencybe handled under the three different scenarios.Give an example of each.1. Probable2. Reasonably Possible3. RemoteGain contingencies are accrued and disclosed. TRUE or FALSEPlease explain your answer.
c. When partners are admitted to or removed from a partnership, the change can either be accounted for using the bonus method or the goodwill method. Which method do you feel is better and why? Do you feel it's appropriate for both methods to be permissable under US GAAP?