Is the answer pledge correct or is this also a contribution?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Is the answer pledge correct or is this also a contribution?

Transcribed Image Text:Unconditional promises to transfer cash or other resources to an entity in a voluntary nonreciprocal transaction is the
GAAP definition of:
Multiple Choice
Miscellaneous revenues.
Contributions.
Unconditional promises to give.
Exchange transactions.
Pledges.
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