Author Question: Membership dues of nongovernment, not-for-profit organizations are A. Always treated as exchange ... (Read 65 times)

melina_rosy · **on:** Jul 5, 2018

Membership dues of nongovernment, not-for-profit organizations are

A. Always treated as exchange transactions and reported as revenues.
B. Always treated as contribution revenues.
C. Permitted to be reported either as exchange revenues or as contributions revenues depending on the organization's preference.
D. Reported as contribution revenues if no benefits are received as a result of membership.

Question 2

Revenue accounts are increased by credits.
a. True
b. False

Indicate whether the statement is true or false