On the Financial Statements of a Not-For-Profit Prepared Under FASB

question 6

Multiple Choice

On the financial statements of a not-for-profit prepared under FASB 117, the term "fund balance" has been replaced with the term:

• A) surplus/deficit
• B) Net Income/Loss
• C) Net Assets
• D) Net Equity

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Definitions:

Whigs

A political faction and then a formal party in the parliaments of England, Great Britain, Ireland, and the United Kingdom, that was influential from the 1680s to the 1850s, advocating for parliamentary supremacy and opposed to the royal prerogative.

Spoils System

A practice where political party leaders give government jobs to their supporters as a reward for their assistance in achieving victory.

Meritocracy

A system of government or another organization wherein appointments and responsibilities are objectively assigned to individuals based upon their "merits", namely intelligence, credentials, and education, rather than on wealth, race, or social background.

Party Loyalty

The allegiance or fidelity of individuals to a particular political party, often reflected in consistent voting patterns.