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:

Morphemes

The smallest units of meaning in a language.

Predicted

Pre-estimated or forecasted based on existing data or trends.

Sentence

In language, a grammatical unit of one or more words that expresses an independent statement, question, request, command, exclamation, etc., typically containing a subject and a predicate.

Phonemes

The smallest units of sound in a language that distinguish one word from another.