According to ASC 958,Not-For-Profit entities should recognize depreciation/amortization:
I.on all long-lived tangible assets.
II.on all long-lived intangible assets.
A) I only
B) II only
C) Both I and II
D) Neither I nor II

Question

Quizplus · Accepted Answer

Only long-lived tangible assets should be recognized for depreciation/amortization according to ASC 958. Long-lived intangible assets are not eligible for depreciation.

According to ASC 958,Not-For-Profit Entities Should Recognize Depreciation/amortization