According to FASB 93,"Recognition of Depreciation by Not-For-Profit (NFP)Entities," NFP entities should recognize depreciation: 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

FASB 93 requires NFP entities to recognize depreciation on all long-lived tangible assets, but not on long-lived intangible assets. Therefore, choice A is the correct answer.