Under FAS 117, the statement of financial position must show total assets, total liabilities, and total net assets (equity).

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FAS 117, now known as ASC 958 due to the codification of FASB standards, requires not-for-profit organizations to present a statement of financial position that shows total assets, total liabilities, and total net assets (equity), providing a clear view of the organization's financial health.

Under FAS 117, the Statement of Financial Position Must Show