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

According to ASC 958, not-for-profit entities should recognize depreciation/amortization on all long-lived tangible assets. However, there is no requirement to recognize depreciation/amortization on long-lived intangible assets, so the statement in choice II is incorrect. Therefore, choice A is the correct answer.

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