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

question 44

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?


Definitions:

120 V

A reference to a standard voltage level used in homes and businesses in many parts of the North and Central America for powering electrical devices and lighting.

Resistor

A device used to introduce some amount of resistance into an electric circuit.

Resistance

The opposition to the flow of electric current, resulting in electrical energy being transformed into heat or another form of energy.

Parallel Circuit

A circuit configuration where two or more paths for current flow are connected alongside each other.

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