Answered: An NFP organization receives supplies…

Business

Accounting

An NFP organization receives supplies from a donor. At what amount is the donation reported in contribution revenue?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

An NFP organization receives supplies from a donor. At what amount is the donation reported in contribution revenue?

Select one:

A. The donor's cost

B. Fair value at the date of donation

C. Fair value at year-end

D. Zero

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