According to ASC 958,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 ASC 958, not-for-profit entities should report investments in the financial statements at fair market value. This requirement is based on the idea that investments held by not-for-profit entities are to be used to support the entity's mission, rather than held for trading or speculation purposes. Therefore, fair value reporting provides the most relevant information regarding the value of these investments in achieving the entity's mission.

According to ASC 958,not-For-Profit Entities Should Report Investments in the Financial