Which of the following is true regarding accounting and financial reporting for nongovernmental,not-for-profit organizations?

Question

Quizplus · Accepted Answer

Both statements are true regarding accounting and financial reporting for nongovernmental, not-for-profit organizations. All expenses reduce unrestricted net assets, and expenses must be reported by function, either in the statements or in the notes, to provide more detail about how the organization's resources are being used.

Which of the Following Is True Regarding Accounting and Financial