Prior to ASU 2016-14, What Are the Three Categories of Net

question 13

Multiple Choice

Prior to ASU 2016-14, what are the three categories of net assets required by GAAP in reporting of a not-for-profit entity?

• A) Unrestricted, Temporarily Restricted, and Permanently Restricted.
• B) Unrestricted, Restricted, and Fund Balance.
• C) Restricted, Permanently Restricted, and Fund Balance.
• D) Unrestricted, Temporarily Restricted, and Fund Balance.
• E) None of these answer choices are correct.

Recognize the role of objectives and mission statements in guiding organizational performance and direction.

Understand different forms of descent and kinship organization.

Recognize and describe the significance of kinship terminology in various societies.

Identify and analyze the factors that influence social structures and relationships, including age and descent.

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Definitions:

Rules and Regulations

Guidelines and directives set by authoritative bodies to govern behavior and ensure orderly conduct within a specific domain.

Systematic Theory

A structured set of concepts and principles intended to explain phenomena and guide the development of practices, often relying on methodical and coordinated approaches to study and interpretation.

Professional Culture

The shared values, beliefs, and practices that characterize a professional group, guiding its members' behaviors and interactions.

Authority

The power or right to give orders, make decisions, and enforce obedience, often within a specific context or organization.