On the financial statements of a not-for-profit prepared under FASB 117, the term "fund balance" has been replaced with the term:

Question

Quizplus · Accepted Answer

FASB 117 requires not-for-profit organizations to use the term "net assets" instead of "fund balance" to provide a better understanding of the organization's financial condition. Net assets refer to the difference between an organization's total assets and total liabilities.

On the Financial Statements of a Not-For-Profit Prepared Under FASB