The Brown Museum of Art would need to recognize a contributed work of art as contribution revenue if it was:

Question

Quizplus · Accepted Answer

A contributed work of art would be recognized as contribution revenue if the museum intends to sell the item to raise funds, as in option B, where the purpose is to auction the work to expand the gift shop. This is because the item is not being added to the museum's collection but rather converted directly into financial resources for a specific purpose.

The Brown Museum of Art Would Need to Recognize a Contributed