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Can you please respond to 37 to 40? Thank you so much! 37 In accounting for depreciation in not-for-profit organizations: A depreciation directly reduces the
Can you please respond to 37 to 40? Thank you so much!
37 In accounting for depreciation in not-for-profit organizations: A depreciation directly reduces the asset account instead of using an accumulated depreciation account B certain assets are not subject to depreciation if they have value worth preserving in perpetuity and the organization has the ability to preserve the asset. the straight-line depreciation method is required D depreciation is required for all assets. 38 Which of the following relating to not-for-profit accounting for contributions is false? A All contributed services should be recognized. B Contributions received should be recognized as revenues in the period received C Service contributions should be valued at the fair value of services or the resulting increase in assets. D Contributions received should be recognized at their fair values. 39 Which classification is not a classification for net assets on the statement of financial position for a not-for-profit organization? A Partially restricted B Temporarily restricted C Permanently restricted D Unrestricted 40 With regard to GASB No. 34, which of the following statements is true? A Government-wide financial statements should be prepared on a modified accrual basis. B Governmental activities should be combined with the financial statements of business-type activities. C Neither government-wide statements nor fund statements are considered superior or subordinate to the other. D Airports would be considered a government- type activityStep by Step Solution
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