Donated assets are reported at

Name: Donated assets are reported at
Brand: Quizplus
Rating: 4.9 (50 reviews)

Question

Quizplus · Accepted Answer

Donated assets are reported at fair value on the date of donation as per Generally Accepted Accounting Principles (GAAP). This reflects the current market value of the asset and provides a more accurate representation of its worth. Historical cost or book value may not reflect the actual value of the asset at the time of donation. Zero value is not appropriate as the asset has value, even if it was not purchased.

Donated Assets Are Reported at