Concept Introduction:
Contribution Revenue for a not-for-profit organisation:
Revenue from contributions is the main source of income for a non-profit organisation. Contributions received can be restricted for use or can be unrestricted. Unrestricted contributions are those contributions for which user has not specified any restriction or purpose for which it should be used. Organisation can use unrestricted funds as per their discretion. Organisation should record revenue in the same year in which it received the contribution not in the year in which it spent the contribution as per donor specification.
:
If the statement, ‘An organization on receiving donation in this year which it could not use till next year record it as debit to cash and credit to deferred revenue in net assets without donor restrictions, is true or false.

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Chapter 19 Solutions
ADVANCED FIN. ACCT.(LL)-W/CONNECT
- Would need to manufacturing during July would bearrow_forwardDepreciation is recorded to: A. Allocate the cost of an asset over its useful lifeB. Reduce the market value of the assetC. Increase the value of an assetD. Account for inflation help!arrow_forwardPlease help financial accounting questionsarrow_forward