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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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Posts: 5977
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9 years ago
In response to a fund-raising campaign, an electric utility provides free electricity to a not-for-profit entity. How should the not-for-profit entity report this gift in its statement of activities?
      a.   It should not be reported in the statement.
      b.   It should not be reported on the face of the statement, but should be disclosed in the notes.
      c.   It should be reported at its fair value as a revenue and as an expense.
      d.   The entity may choose either to not report it or to report it at fair value as a revenue and as an expense.
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3 Replies
Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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#1
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9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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