If a not-for-profit organization that usually has annual revenues well below $500,000 subsequently earns revenues significantly higher than $500,000,how must it report its Capital Assets?
A) It must capitalize and amortize retroactively.
B) It must continue following the same policy.
C) It must disclose any change in policy in a note to its financial statements.
D) It must capitalize,but not amortize,retroactively.
Correct Answer:
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