FASB 117 (ASC 958)requires that an "other not-for-profit entity" (ONPO)provide three financial statements.Which of the following is NOT one among them?

Question

Quizplus · Accepted Answer

A statement of functional expenses is not required for all not-for-profit entities under FASB 117 (ASC 958); it is specifically required for voluntary health and welfare organizations. The three required statements are the statement of financial position, statement of activities, and statement of cash flows.

FASB 117 (ASC 958)requires That an "Other Not-For-Profit Entity" (ONPO)provide