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.

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Definitions:

Decentralized Subsidiaries

Subordinate companies or branches that operate with a degree of autonomy from their parent corporation.

Complete Globalization

The process where businesses or other organizations develop international influence or start operating on an international scale without any barriers.

High-Trust Cultures

Organizational environments characterized by strong mutual respect, integrity, and confidence among members and leaders.

Company's Values

The core beliefs and ethical principles that guide a company's actions and decisions.