Pledges received by a College: Generally a College receives pledges as a form of contribution. These can be conditional or unconditional for use. Sometimes pledge received is conditional and based on a future event. In that case, revenue should be recognised when the future event is actually happened not when it is determine to be possible. : If the statement ‘A college received a conditional pledge based on the occurrence of a future event and should record it at its fair value if the future event is determined to be possible.’ true or false.

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Question

Chapter 19, Problem 19.24.14P

To determine

Concept Introduction:

Pledges received by a College:

Generally a College receives pledges as a form of contribution. These can be conditional or unconditional for use. Sometimes pledge received is conditional and based on a future event. In that case, revenue should be recognised when the future event is actually happened not when it is determine to be possible.

:

If the statement ‘A college received a conditional pledge based on the occurrence of a future event and should record it at its fair value if the future event is determined to be possible.’ true or false.

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Answer 2

Question

Chapter 19, Problem 19.24.14P

To determine

Concept Introduction:

Pledges received by a College:

Generally a College receives pledges as a form of contribution. These can be conditional or unconditional for use. Sometimes pledge received is conditional and based on a future event. In that case, revenue should be recognised when the future event is actually happened not when it is determine to be possible.

:

If the statement ‘A college received a conditional pledge based on the occurrence of a future event and should record it at its fair value if the future event is determined to be possible.’ true or false.

Expert Solution & Answer

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Answer 3

Question

Chapter 19, Problem 19.24.14P

To determine

Concept Introduction:

Pledges received by a College:

Generally a College receives pledges as a form of contribution. These can be conditional or unconditional for use. Sometimes pledge received is conditional and based on a future event. In that case, revenue should be recognised when the future event is actually happened not when it is determine to be possible.

:

If the statement ‘A college received a conditional pledge based on the occurrence of a future event and should record it at its fair value if the future event is determined to be possible.’ true or false.

Expert Solution & Answer

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Answer 4

Question

Chapter 19, Problem 19.24.14P

To determine

Concept Introduction:

Pledges received by a College:

Generally a College receives pledges as a form of contribution. These can be conditional or unconditional for use. Sometimes pledge received is conditional and based on a future event. In that case, revenue should be recognised when the future event is actually happened not when it is determine to be possible.

:

If the statement ‘A college received a conditional pledge based on the occurrence of a future event and should record it at its fair value if the future event is determined to be possible.’ true or false.

Expert Solution & Answer

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Answer 5

Chapter 19, Problem 19.24.14P

To determine

Concept Introduction:

Pledges received by a College:

Generally a College receives pledges as a form of contribution. These can be conditional or unconditional for use. Sometimes pledge received is conditional and based on a future event. In that case, revenue should be recognised when the future event is actually happened not when it is determine to be possible.

:

If the statement ‘A college received a conditional pledge based on the occurrence of a future event and should record it at its fair value if the future event is determined to be possible.’ true or false.

Answer 6

Chapter 19, Problem 19.24.14P

To determine

Concept Introduction:

Pledges received by a College:

Generally a College receives pledges as a form of contribution. These can be conditional or unconditional for use. Sometimes pledge received is conditional and based on a future event. In that case, revenue should be recognised when the future event is actually happened not when it is determine to be possible.

:

If the statement ‘A college received a conditional pledge based on the occurrence of a future event and should record it at its fair value if the future event is determined to be possible.’ true or false.

Answer 7

Chapter 19, Problem 19.24.14P

To determine

Concept Introduction:

Pledges received by a College:

Generally a College receives pledges as a form of contribution. These can be conditional or unconditional for use. Sometimes pledge received is conditional and based on a future event. In that case, revenue should be recognised when the future event is actually happened not when it is determine to be possible.

:

If the statement ‘A college received a conditional pledge based on the occurrence of a future event and should record it at its fair value if the future event is determined to be possible.’ true or false.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 19 - Prob. 19.1Q Ch. 19 - Prob. 19.2Q Ch. 19 - Prob. 19.3Q Ch. 19 - Prob. 19.4Q Ch. 19 - Prob. 19.5Q Ch. 19 - Prob. 19.6Q Ch. 19 - Prob. 19.7Q Ch. 19 - Prob. 19.8Q Ch. 19 - Prob. 19.9Q Ch. 19 - Prob. 19.10Q

Solution Summary: The author explains that college pledges can be conditional or unconditional for use, and revenue should be recognised when the future event is actually happened not when it is determine to be possible.

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Chapter 19 Solutions