The FASB requires the balance sheets of not-for-profits to display
A) Net assets in four separate categories-unrestricted, temporarily restricted, permanently restricted, and restricted by creditors.
B) Three separate funds-unrestricted, temporarily restricted, and permanently restricted net assets.
C) Six totals-total assets, total liabilities, total net assets, total unrestricted net assets, total temporarily restricted net assets, and total permanently restricted net assets.
D) Unrestricted, temporarily restricted, and permanently restricted retained earnings.
Correct Answer:
Verified
Q3: The primary source of authoritative accounting and
Q4: FASB Statement No. 95 requires not-for-profits to
Q12: Expenses should be classified as unrestricted or
Q15: Unlike governments, not-for-profits should not recognize contributions
Q19: In the statement of activities, FASB Statement
Q23: The account titled "Resources released from restriction"
Q24: Not-for-profit organizations should report contributions restricted for
Q30: United Charities’ annual fund-raising drive in 2016
Q36: Not-for-profit organizations should report interest and dividends
Q39: The increase in unrestricted net assets in
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