Which of the following criteria would suggest that a not-for-profit capitalize its works of art, historical treasures, or similar assets?a. They are held for public inspection, education, or research in furtherance of public service rather than financial gain.b. They are protected, kept unencumbered, cared for, and preserved.c. They are subject to be used in the acquisition of other items for the collection.d. They are held primarily to be resold for financial gain.
Which of the following criteria would suggest that a not-for-profit capitalize its works of art, historical treasures, or similar assets?a. They are held for public inspection, education, or research in furtherance of public service rather than financial gain.b. They are protected, kept unencumbered, cared for, and preserved.c. They are subject to be used in the acquisition of other items for the collection.d. They are held primarily to be resold for financial gain.
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 12MCQ
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Which of the following criteria would suggest that a not-for-profit capitalize its works of art, historical treasures, or similar assets?
a. They are held for public inspection, education, or research in furtherance of public service rather than financial gain.
b. They are protected, kept unencumbered, cared for, and preserved.
c. They are subject to be used in the acquisition of other items for the collection.
d. They are held primarily to be resold for financial gain.
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