According to ASC 958,the statement of financial position of a private university should report the excess of the university's assets over its liabilities as:
A)fund balance.
B)fund with or without donor restrictions.
C)retained earnings.
D)assets without donor restrictions and net assets with donor restrictions.

Question

Quizplus · Accepted Answer

According to ASC 958, a private university should report its net assets in the following categories: assets without donor restrictions and net assets with donor restrictions. Therefore, the excess of assets over liabilities should be reported as assets without donor restrictions and net assets with donor restrictions. Choices A, B, and C are not accurate categorizations under ASC 958.

According to ASC 958,the Statement of Financial Position of a Private