_____ a Historical Society Received Several Old Pictures as a Gift

Multiple Choice

_____ A historical society received several old pictures as a gift from the family whose ancestors settled the town. The pictures are of the downtown area 80 years ago. The staff of the society has determined that the pictures have potential historical and educational use to those who may be interested in studying the area. The pictures are suitable for display, and no alternative use exists. Under FAS 116, the historical society

A) Could capitalize the pictures as assets as long as it capitalizes its collections.
B) Could capitalize the pictures as assets at its discretion if it has a selective capitalization policy.
C) Could not capitalize the pictures as assets.
D) Could not capitalize the pictures as assets because of the uncertainty about the existence of value and because no alternative use exists.
E) None of the above.