Under FASB Standards,which of the Following Contributions Would Not Have

question 7

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 nongovernmental 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.

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Definitions:

Venae Cavae

The two significant veins, known as the superior and inferior, which transport deoxygenated blood from the body back to the heart.

Pulmonary Veins

The veins that carry oxygenated blood from the lungs back to the left atrium of the heart.

Systemic Circuit

The part of the cardiovascular system which carries oxygenated blood away from the heart to the body, and returns deoxygenated blood back to the heart.

Right Coronary Artery

An artery supplying blood to the right side of the heart.