ADVANCED ACCOUNTING
ADVANCED ACCOUNTING
13th Edition
ISBN: 9781260773033
Author: Hoyle
Publisher: MCG
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Chapter 18, Problem 5P

A donor gives Charity 1 $50,000 in cash that it must convey to Charity 2. However, the donor can reconsider and revoke the gilt at any time prior to its conveyance to Charity 2. Which of the following statements is true?

  1. a. Charity 1 should report a contribution revenue.
  2. b. The donor continues to report an asset even after it is given to Charity 1.
  3. c. As soon as the gift is made to Charity 1, Charity 2 should recognize a contribution revenue.
  4. d. As soon as the gift is made to Charity 1, Charity 2 should recognize an asset.
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A donor gives Charity 1 $50,000 in cash that it must convey to Charity 2. However, the donor can reconsider and revoke the gift at any time prior to its conveyance to Charity 2. Which of the following statements is true?a. Charity 1 should report a contribution revenue.b. The donor continues to report an asset even after it is given to Charity 1.c. As soon as the gift is made to Charity 1, Charity 2 should recognize a contribution revenue.d. As soon as the gift is made to Charity 1, Charity 2 should recognize an asset.
1. How does a recipient not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? 2. What if the donor retains the right to revoke or redirect the gift?
If an individual renders services for a creditor who in consideration thereof cancels his existing debt, the cancellation of indebtedness may amount to a   Gift Donation intervivos Payment of income Capital contribution

Chapter 18 Solutions

ADVANCED ACCOUNTING

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