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?

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

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Definitions:

Blurred

Lacking clarity or distinctness; a state or condition where something is not easily seen, understood, or differentiated.

Social Psychology

The systematic exploration of the ways in which people perceive, affect, and connect with each other in a societal setting.

Developmental Psychology

A field of psychology that studies the growth and changes in human behavior and mental processes throughout the lifespan, from infancy to old age.

Cognitive Psychologist

A cognitive psychologist studies the mental processes underlying human behavior, including perception, memory, thought, and problem-solving.