Special Issues Flashcards
1
Q
How is acquisition “Inexhaustible” Fixed Assets recorded?
A
-Disclosed in notes, not recorded
2
Q
What are the three requirements for “Inexhaustible” Fixed Assets to meet collectibles/collections criteria?
A
- Held for exhibition, education, or research rather than financial gain
- Protected, cared for, and preserved
- Requires sales proceeds be used to collect other collectibles
3
Q
How are marketable securities reported for NFPs?
A
-At fair value
4
Q
What are Quasi Endowments and how are they reported?
A
- Amounts set aside by governing board of which principal must be retained and invested
- Included with Unrestricted Net Assets
5
Q
Where are earnings on Endowments reported?
A
-In any of three Restriction Classifications
