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For a Government That Elects NOT to Capitalize Its Works

Question 23

Multiple Choice

For a government that elects NOT to capitalize its works of art and similar assets, the appropriate entry when receiving a contribution of a work of art in the government-wide financial statements is


A) No entry is required for contributed assets.
B) Debit Asset; Credit Revenues.
C) Debit Asset; Credit Equity.
D) Debit Expense, Credit Revenue.

Correct Answer:

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