Top Posters
Since Sunday
g
2
New Topic  
goji.go goji.go
wrote...
Posts: 5977
10 years ago
A not-for-profit museum holds a valuable collection of art works. On reviewing the museum's financial statements, a new trustee notices that the statement of financial position contains no line item for inventory of art works. He is told by the accountant that the museum has never taken an inventory because "it would cost too much." What are the accounting requirements regarding capitalization of the art works?
      a.   All collections of art works must be capitalized, regardless of the circumstances.
      b.   Collections of art works are not required to be capitalized under any circumstances.
      c.   If collections of art works meet certain criteria (such as being protected and preserved), they must be capitalized.
      d.   If collections of art works meet certain criteria (such as being protected and preserved), the museum has an option either to capitalize or not capitalize them.
Read 428 times
3 Replies
Diesel
Replies
Answer accepted by topic starter
f_zah1f_zah1
wrote...
Top Poster
Posts: 10774
10 years ago
Sign in or Sign up in seconds to unlock everything for free
1

Related Topics

goji.go Author
wrote...
10 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
10 years ago
You're very welcome!
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  1860 People Browsing
Related Images
  
 418
  
 3383
  
 1226
Your Opinion
Who's your favorite biologist?
Votes: 722