A donor gave artwork to a nongovernmental, not-for-profit museum. The artwork qualified as a "collection," under FASB rules. The not-for-profit could:
A. Record the artwork at its fair market value at the time of receipt as an increase in permanently restricted net assets.
B. Not record the artwork, but provide information about the artwork in the notes.
C. Do either of the above, depending upon the policy of the not-for-profit.
D. Record the artwork as both a contribution and an expense.
Answer: C
You might also like to view...
According to a recent survey, what did senior managers indicate was a behavior displayed by high-performing managers?
A. empowering the team B. takes a hands-off approach to career development C. does not ask employees about their personal state of well-being D. allows the team to create their own vision
Which of the following is correct?
A) ?We faced major delays because of the numerous vallies in the mountains. B) ?Many companys look for the following qualities in employees: reliability, punctuality, and enthusiasm. C) Representatives of the two cities met to discuss the new laws affecting their local economies.
The contents of programmable read-only memory (PROM) can be erased and reprogrammed
Indicate whether the statement is true or false
Which one of the following statements is FALSE?
a. A cause-and-effect diagram is also called a fishbone diagram. b. Scrap and rework costs are part of internal failure costs. c. Kaizen is the process of specifying design specifications for goods and services. d. The Deming Cycle is named after a famous quality guru and consists of four steps—plan, do, study, and act (PDSA).