Which of the following is not a condition that would permit a public college or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets?
A. The assets are held for public exhibition, education, or research in furtherance of public service rather than financial gain.
B. The assets are protected, kept unencumbered, cared for, and preserved.
C. The assets are subject to an organizational policy that ensures the proceeds of sales of collectible assets are used for operations of the organization.
D. None of above; all three items are conditions that will avoid accounting recognition.
Explain why you choose the answer