Under the FASB Codification a $5 million endowment that cannot be spent for 50 years should...
Under the FASB Codification a $5 million endowment that cannot be spent for 50 years should be classified as permanently restricted net assets.
Question 44 options:
| True | |
| False |
Homework Answers
Please find below the solution.. let me know if you need any clarification..
Statement is FALSE: Under the FASB Codification a $5 million endowment that cannot be spent for 50 years should be classified as permanently restricted net assets
its not classified as permanently restricted asset rather it should be classified as net asset with donar restriction. Therefore statement is FALSE
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