Which of the following statements is True regarding fund accounting for not-for-profit organizations (NFPs) ?
A) Fund accounting can be used by NFPs for external purposes, but not internal purposes.
B) Fund accounting can provide a good mechanism for facilitating reporting to donors.
C) Fund accounting is not allowed.
D) Fund accounting for internal and external reporting purposes has been replaced by FASB with the two classes of net assets (without donor restrictions, and net investment in restricted assets) .
Correct Answer:
Verified
Q35: Under the FASB Codification the costs incurred
Q36: Long-term unconditional pledges (those that will not
Q37: Responsibility for establishing generally accepted accounting principles
Q38: Similar to the GASB, the FASB requires
Q39: The FASB Codification requires the following financial
Q41: The FASB states that depreciation expense in
Q42: Which of the following would be considered
Q43: A local philanthropist made an unconditional pledge
Q44: A not-for-profit (NFP) organization acting as a
Q45: In the current year, the not-for-profit organization
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents