Multiple Choice
A donated collection is not required to be capitalized.If a government decides not to capitalize them,how will they be accounted for at the time of the donation?
A) Debit revenue, credit expense/expenditure
B) Debit expense/expenditure, credit revenue
C) Debit collections, credit revenue
D) Debit collections, credit cash
Correct Answer:
Verified
Correct Answer:
Verified
Q5: Governments have the option to capitalize infrastructure
Q20: When using the modified approach to account
Q22: When converting from fund basis reporting to
Q37: Which of the following is true regarding
Q38: Which of the following funds would not
Q40: When preparing the government-wide statements,worksheet entries are
Q43: A government reported an "other financing source"
Q50: GASB requires that general fixed assets acquired
Q54: For the depreciation of infrastructure…<br>A) Governments are
Q74: Which of the following statements is not