Which of the following is true regarding the Financial Accounting Standards Board requirements for a not-for-profit entity's accounting and financial reporting?
A) Both fund accounting and reporting by net asset classification are required.
B) Neither fund accounting nor reporting by net asset classification are required.
C) Fund accounting is required,but reporting by net asset classification is not required.
D) Fund accounting is not required,but reporting by net asset classification is required.
Correct Answer:
Verified
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