Section 4431 Contains a Compromise Applicable to Not-For-Profit Organizations Whose

question 46

Multiple Choice

Section 4431 contains a compromise applicable to not-for-profit organizations whose two-year average annual revenues are less than $500,000. These organizations must disclose all of the following EXCEPT:

• A) their accounting policy for capital assets.
• B) information about capital assets not shown in the balance sheet.
• C) the amount expensed in the current period if their policy is to expense capital assets when acquired.
• D) an appraised listing of the organizations capital assets, showing book values and appraised market values.

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Definitions:

Extends

To stretch out or spread from one point to another.

Rotates

The action of moving or turning around an axis or center point.

Myomalacia

Softening of the muscle tissue.

Softening

The process of making something softer or less rigid, often through the addition of moisturizers or water.