Question: Inexhaustible collections of ONPOs are not required to be capitalized
Inexhaustible collections of ONPOs are not required to be capitalized or depreciated, if certain criteria are met. Why is this so, and what accounting and reporting recognition, if any, is required for such inexhaustible collections?
Answer to relevant QuestionsGifts, contributions, and bequests to VHWOs and ONPOs may be restricted for specified operating or capital outlay purposes. Explain how restricted contributions, gifts, and bequests are accounted for by nongovernment VHWOs ...What is the difference between restricted and unrestricted contributions? What effect do restrictions have on revenue recognition?Multiple Choice QuestionsIdentify the best answer for each of the following:1. Not-for-profit reporting standards require net assets to be reported in all of the following classes excepta. Unrestricted net assets.b. Invested ...Mr. Larry Leininger donated $3,000,000 to a nongovernment VHWO on June 17, 20X8.1. Assume that no restrictions are placed on the use of the donated resources.a. Prepare the required June 17, 20X8, entry.b. Prepare any ...Prepare journal entries to record the following transactions for a nongovernment ONPO.1. Unrestricted cash gifts that were received last year but restricted for use in the current year totaled $50,000.2. Unrestricted pledges ...
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