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 son’s junior league. The parent coached professionally before retiring 10 years ago. The previous two coaches had never coached before.
A. The contribution is not recorded.
B. The contribution is recorded as revenue with an equal amount recorded as expense.
C. The contribution is recorded as revenue with an equal amount recorded as "other financing uses."
D. The contribution is recorded as an asset with an equal amount recorded as expense.
E. 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.
A. The contribution is not recorded.
B. The contribution is recorded as revenue with an equal amount recorded as expense.
C. The contribution is recorded as revenue with an equal amount recorded as "other financing uses."
D. The contribution is recorded as an asset with an equal amount recorded as expense.
E. 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.
A. The contribution is not recorded.
B. The contribution is recorded as revenue with an equal amount recorded as expense.
C. The contribution is recorded as revenue with an equal amount recorded as "other financing uses."
D. The contribution is recorded as an asset with an equal amount recorded as expense.
E. The contribution is recorded as an asset with an equal amount recorded as contribution revenue.
