Multiple Choice
During the year, a not-for-profit art gallery acquired a number of pieces for its collection. Which of the following choices for reporting the acquisitions is NOT in accordance with the CICA Handbook?
A) Immediate write-off.
B) Capitalize, but do not depreciate.
C) Capitalize and depreciate.
D) Note disclosure only.
Correct Answer:
Verified
Correct Answer:
Verified
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