Regarding capital assets, large not-for-profit organizations are required to ________.

Question

Quizplus · Accepted Answer

Large not-for-profit organizations are required to capitalize and amortize capital assets over their useful lives as per GAAP (generally accepted accounting principles). This means recognizing the cost of the asset as an asset on the balance sheet and allocating its cost over time through depreciation or amortization expense on the income statement.

Regarding Capital Assets, Large Not-For-Profit Organizations Are Required to ________