Prior to ASU 2016-14, what are the three categories of net assets required by GAAP in reporting of a not-for-profit entity?
A) Unrestricted, Temporarily Restricted, and Permanently Restricted.
B) Unrestricted, Restricted, and Fund Balance.
C) Restricted, Permanently Restricted, and Fund Balance.
D) Unrestricted, Temporarily Restricted, and Fund Balance.
E) None of these answer choices are correct.

Question

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Prior to ASU 2016-14, GAAP required not-for-profit entities to report net assets in three categories: Unrestricted, Temporarily Restricted, and Permanently Restricted.

Prior to ASU 2016-14, What Are the Three Categories of Net