Drye Township has received a donation of a rare painting worth $1,000,000. For Drye's government-wide financial statements, three criteria must be met before Drye can opt not to recognize the painting as an asset. Which of the following is not one of the three criteria? (1.) The painting is held for public exhibition, education, or research in furtherance of public service, rather than financial gain. (2.) The painting is scheduled to be sold immediately at auction.(3.) The painting is protected, kept unencumbered, cared for, and preserved.
A. Item 1 is not one of the three criteria.
B. Item 3 is not one of the three criteria.
C. Item 2 is not one of the three criteria.
D. All three items are required criteria.
E. None of the three items are required criteria.
Answer: C
You might also like to view...
Form W-4 is a form authorizing employers to withhold a portion of employee earnings for payment of anemployee's federal income taxes
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true about managing sideways?
a. Managing sideways is usually easier than managing up. b. It is usually easy to manage sideways as one does not have direct authority over others. c. A boss or leader should be brought in often and immediately when problems arise. d. Some of the principles of managing up are also true about managing sideways.
John falsely gave information to the police that Mary shoplifted an item from a store. Mary was acquitted after a trial. Mary could successfully sue John for
A) injurious affection B) injurious falsehood C) intentional interference with economic interests D) malicious prosecution E) assault
When a manufacturing company uses a standard cost system, an unfavorable variance is a contra expense
Indicate whether the statement is true or false