For a Government That Elects NOT to Capitalize Its Works

question 41

Multiple Choice

For a government that elects NOT to capitalize its works of art and similar assets, the appropriate entry for reporting in the government-wide financial statements when receiving a contribution of a work of art is

• A) No entry is required for contributed assets.
• B) Debit Asset; Credit Revenues.
• C) Debit Asset; Credit Equity.
• D) Debit Expense, Credit Revenue.

---

Definitions:

Utter Defeat

A term describing a situation where one party is completely overpowered or overwhelmed in a contest or competition.

Owning Responsibility

The act of acknowledging and accepting responsibility for one's actions or decisions.

Step 6

Refers to a specific step in various step-based recovery programs, generally involving preparation for self-improvement and rectification of wrongs.

Honesty

The quality of being truthful, transparent, and free from deceit or fraud in one's actions and statements.