QUESTIONS Which of the following statements is not correct with respect to condi

Question

QUESTIONS Which of the following statements is not correct with respect to conditional and unconditional pledges OA Conditional pledges to give are not recognizednl the conditions are satisfied. OB. Conditional pledges are recorded as unearned revenue SB requires contributions, including unconditional pledges to be recorded as revenues when the promise is made ?faconditional pledge is made and the money is received by the not-for-profit, but if the condition S not met, the potential donor is not bound by the promise and may require the money be returned. (

Explanation / Answer

Ans ) Option B is not correct. "Conditonal Pledges are recorded as unearned revenue". Because conditional pledges are recorded as revenue only when the conditions are met, otherwise the non profit doesnot record anything.

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