jayleg5885 jayleg5885

27-12-2022
Business

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a private college received an offer from a cpa who is an alumnus to teach a one-semester advanced accounting course at no cost. asc 958 prescribes that this contribution of service: A. need only be disclosed in the footnotes to the financial statements.
B. be recorded as an asset with an equivalent amount recorded in the unrestricted fund balance.
C. be recorded as a revenue with an equivalent amount recorded as an expenditure.
D. need not be recorded if the service is for a period less than one academic year.

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