According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,an institution may decide not to capitalize museum and other inexhaustible collections.

Question

Quizplus · Accepted Answer

According to the FASB rules for accounting for colleges and universities, an institution may choose not to capitalize museum and other inexhaustible collections. However, if an institution does choose to capitalize these collections, they must be reported as assets on the institution's financial statements.

According to the Rules for Accounting for Colleges and Universities