RECOMMENDED!!Governmental – A Not-for-Profit Organization Receives a Restricted Gift

  

Governmental – A Not-for-Profit Organization Receives a Restricted GiftProvide examples of resources that are temporarily restricted as to: (a) purpose; (b) time; and (c) the occurrence of a specific event. Provide an example of permanently restricted resources.A not-for-profit organization receives a restricted gift.When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? What is the reason for the apparent inconsistency between the fund types in which the revenues and expenses are reported?give me a one page summary of SFAS 116 and 117.

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