According to the FASB,fixed assets acquired by colleges and universities with either unrestricted or restricted resources are recorded as:

Question

Quizplus · Accepted Answer

Fixed assets acquired by colleges and universities with either unrestricted or restricted resources are generally recorded as either unrestricted or initially as temporarily restricted and reclassified as unrestricted in accordance with the depreciation schedule. The appropriate treatment depends on the nature of the funding source and the institution's accounting policies. Therefore, the best choice is D, which includes both options.

According to the FASB,fixed Assets Acquired by Colleges and Universities