Multiple Choice
Which of the following is not correct with respect collections held by private not-for-profit organizations?
A) If a collection is sold, the proceeds must be reinvested in another collection.
B) If recorded, collections are recorded as permanently restricted assets.
C) If collections are not recorded, note disclosures are required.
D) All of the above are correct.
Correct Answer:
Verified
Correct Answer:
Verified
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