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 with unrestricted or restricted resources can be recorded as either unrestricted (Choice B) or initially as temporarily restricted and reclassified as unrestricted in accordance with the depreciation schedule (Choice C). Therefore, the best choice is either B or C, making the answer D.

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