A Museum Has Invested Substantial Funds in the Past for Its

question 32

Essay

A museum has invested substantial funds in the past for its collection.During the year,the museum hired a new accountant who decided that the collection should have been capitalized and amortized to operations.The accountant needs the approval of the Treasurer to prepare the journal entries required to correct the previous financial statements.
Required:
You are the treasurer of this museum.Outline your response to the accountant.

---

Definitions:

Closed Groups

Groups that have restricted membership and often require an invitation to join, characterized by a fixed set of members.

Boeing's Development

The process of growth, innovation, and expansion that the aerospace company Boeing has undergone since its establishment.

First Officer

In aviation, the pilot second-in-command of an aircraft, assisting the captain and ready to take over responsibilities if needed.

Flying Too High

Often alludes to overconfidence or arrogance that can lead to risky behavior or decisions, risking a fall from success or favor.