Fixed Assets May Be Recorded by a Private Not-For-Profit as Temporarily

question 89

True/False

Fixed assets may be recorded by a private not-for-profit as temporarily restricted or unrestricted, depending on the policy of the organization.

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Definitions:

Foreign Currency Translation

Foreign Currency Translation is the process of converting the financial statements of a company into a single currency when it has operations in multiple currencies.

Property, Plant, And Equipment

Assets in the form of land, buildings, and machinery, acquired for operations and not for resale.

Preferred Stock

Preferred stock is a class of ownership in a corporation that has a higher claim on assets and earnings than common stock, typically paying dividends before common shares and having priority in the event of a liquidation.

Dividend Preference

A feature of preferred stock that gives it priority over common stock in the payment of dividends.