A Donated Fixed Asset for Which the Fair Value Has

question 45

Multiple Choice

A donated fixed asset for which the fair value has been determined should be recorded as a debit to capital assets and a credit to:

• A) deferred income.
• B) revenue or gain.
• C) contributed capital.
• D) retained earnings.

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Definitions:

Humus

Organic component of soil formed by the decomposition of leaves and other plant materials by soil microorganisms.

Phytoremediation

The use of plants to remove, transfer, stabilize, or destroy contaminants in soil, water, or air.

Environmental Contaminants

Pollutants that are present in the environment and can cause harmful effects on wildlife, plants, and human health.

Hypertonic

Describes a solution that has a higher concentration of solutes compared to another solution, causing cells in contact with it to lose water through osmosis.