ACC-410-Homework-Ch-12

Apr 30th, 2015
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Since not-for-profits usually recognize gifts of cash and other assets not preceded by a pledge as revenue upon receipt, the transactions would be made in a temporarily restricted fund by the recipient organization and when the cash is received and available for use the transaction is transferred to an unrestricted fund.

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Leah PasternakGovernment & Not for Profit ACC410Chapter 12: Not-for-Profit Organizations- Homework Submission12-71. Exchange transactions are accounted for as ordinary commercial transactions and therefore these transactions are always unrestricted.Cash6,000,000Advance in-Service revenue6,000,000Advance in-Service revenue6,000,000Service Revenue6,000,0002. Since not-for-profits usually recognize gifts of cash and other assets not preceded by a pledge as revenue upon receipt, the transactions would be made in a temporarily restricted fund by the recipient organization and when the cash is received and available for use the transaction is transferred to an unrestricted fund.Pledges Receivable6,000,000Revenue from contributions6,000,000Cash6,000,000Pledges Receivable6,000,0003. Exchange transactions are distinguished fr

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