Adamson Collected and Displayed Over 100,000 Pieces of Art Made

question 11

Multiple Choice

Adamson collected and displayed over 100,000 pieces of art made by patients.

• A) 1000
• B) 10000
• C) 100000
• D) 50000

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Definitions:

Capital Assets

Long-term assets that a business uses in its operations and that are not intended for resale, such as property, plant, and equipment.

Deferral Method

An accounting practice that involves postponing the recognition of revenue or expenses until a future date.

Restricted Fund Method

An accounting practice for nonprofit organizations, segregating funds according to restrictions imposed by donors.

Deferral Method

A method of accounting that allows for income or expenses to be recognized at a later date rather than when they are initially incurred.