The FASB Requires the Balance Sheets of Not-For-Profits to Display

question 41

Multiple Choice

The FASB requires the balance sheets of not-for-profits to display

• A)Net assets in four separate categories-unrestricted, temporarily restricted, permanently restricted, and restricted by creditors.
• B)Three separate funds-unrestricted, temporarily restricted, and permanently restricted net assets.
• C)Six totals-total assets, total liabilities, total net assets, total unrestricted net assets, total temporarily restricted net assets, and total permanently restricted net assets.
• D)Unrestricted, temporarily restricted, and permanently restricted retained earnings.

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