FASB require 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.

Question

Quizplus · Accepted Answer

FASB requires not-for-profits to display the balance sheet with six totals, including total assets, total liabilities, and total net assets, which are further divided into unrestricted, temporarily restricted, and permanently restricted net assets.

FASB Require the Balance Sheets of Not-For-Profits to Display