A not-for-profit organization that follows FASB standards must display the changes in all classes of net assets on which of the following statements?

Question

Quizplus · Accepted Answer

The statement of activities is the primary financial statement for a not-for-profit organization that reports the changes in all classes of net assets, including unrestricted, temporarily restricted, and permanently restricted. The statement of financial position shows the balances of these net assets but does not report changes, while the statement of cash flows and statement of functional expenses report cash flows and expenses, respectively, but not changes in net assets.

A Not-For-Profit Organization That Follows FASB Standards Must Display the Changes