During the Year, a Not-For-Profit Art Gallery Acquired a Number

question 13

Multiple Choice

During the year, a not-for-profit art gallery acquired a number of pieces for its collection. Which of the following choices for reporting the acquisitions is NOT in accordance with the CICA Handbook?

• A)Immediate write-off.
• B)Capitalize, but do not depreciate.
• C)Capitalize and depreciate.
• D)Note disclosure only.

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Definitions:

Production Blocking

A phenomenon in group settings where the process of waiting for others to contribute ideas can inhibit individual creativity and the generation of ideas.

Performers

Individuals or groups who execute tasks, often in a context that requires skill, such as on a stage or in a competitive environment.

Production Blocking

A challenge in idea-generating processes where only one person can speak or contribute at a time, potentially limiting creativity and efficiency.

Flexibility

The capacity to adapt or be adaptable to changes, new conditions, or environments, often considered crucial in both personal and professional contexts.