Which Statement Below Is Not Correct

Which statement below is not correct?

A) The accounting period in which pledged revenues are recognized is dependent on donor specifications.
B) The permanently restricted section of a nonprofit organization's net assets is set aside by donor restrictions.
C) A contributed asset is recognized as revenue by a nonprofit organization.
D) Depreciation expense is not recognized by nonprofit organizations.
E) Nonprofit organizations issue a statement of activities.

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Sign up to view answer