According to the FASB,plant acquired by colleges and universities with either unrestricted or restricted resources are recorded as:
A) Restricted
B) Unrestricted
C) Initially as temporarily restricted and reclassified as unrestricted in accordance with the depreciation schedule
D) Either B or C

Question

Quizplus · Accepted Answer

Plant acquired by colleges and universities can be recorded as unrestricted or initially recorded as temporarily restricted and reclassified as unrestricted in accordance with the depreciation schedule. Therefore, the correct answer is either B or C.

According to the FASB,plant Acquired by Colleges and Universities with Either