In reviewing the financial statements of your local art museum, you notice the museums collection of rare
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In reviewing the financial statements of your local art museum, you notice the museum’s collection of rare oil paintings is not recognized on the financial statements. Is the art museum following generally accepted accounting principles (GAAP)? Explain your answer.
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Related Book For 
Accounting For Governmental And Nonprofit Entities
ISBN: 9781260118858
19th Edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Daniel Neely
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