Assume in question 9 that the city does not choose to report the painting on the government wide financial statements as a capital asset Must the city report a revenue for the gift ...

Revenue still must be reported because of the donation If the gove ...

Assume in question 9 that the city does not choose to report the painting on the government-wide

Question:

Assume in question 9 that the city does not choose to report the painting on the government-wide as a capital asset. Must the city report a revenue for the gift?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...