Under FASB Standards, Which of the Following Contributions Would Not

question 26

Multiple Choice

Under FASB standards, which of the following contributions would not have to be reported as an asset on the statement of financial position of a not-for-profit organization?

• A) Land was donated to the Friends of the Forest Society for conversion into a nature trail.
• B) The original courthouse was donated to the Historical Preservation Society for conversion into a museum.
• C) An art collector donated a famous oil painting to a local art museum for display in its exhibit hall.
• D) A valuable coin collection was donated to the Youth for Conservation organization, which the organization plans to sell at current market prices.

---

Definitions:

Extreme Scores

Values in a set of data that are significantly higher or lower than the majority of the other data points.

Individual Earnings

The amount of money earned by an individual from work or investments.

Mean

The arithmetic average of a set of values, calculated by adding all the numbers and dividing by the count of values.

Central Tendency

A statistical measure that identifies a single value as representative of an entire dataset, commonly reflected through the mean, median, or mode.