According to FASB 124,not-for-profit entities should report investments in the financial statements at: I.fair market value.
II)lower of cost or market.
A)I only
B)II only
C)Either I or II
D)Neither I nor II

Question

Quizplus · Accepted Answer

According to FASB 124, not-for-profit entities should report investments in the financial statements at fair market value. Therefore, option I is correct and option II (lower of cost or market) is incorrect.

According to FASB 124,not-For-Profit Entities Should Report Investments in the Financial