On December 1, 2016, a college received a pledge of support for the general endowment. Which of the following is true with respect to this pledge?
A. The contribution will be recognized as revenue in 2016 if the college is a public institution.
B. Both The contribution will be recognized as revenue in 2016 if the college is a public institution and The contribution will be recognized as revenue in 2016 if the college is a private institution are true.
C. The contribution will be recognized as revenue in 2016 if the college is a private institution.
D. Neither The contribution will be recognized as revenue in 2016 if the college is a public institution nor The contribution will be recognized as revenue in 2016 if the college is a private institution is true.
Answer: C
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