Which of the Following Is True Regarding Accounting and Financial

question 39

Multiple Choice

Which of the following is true regarding accounting and financial reporting for nongovernmental,not-for-profit organizations?

• A) Expenses are classified as unrestricted or temporarily restricted.
• B) Expenses must be reported by function, either in the statements or in the notes.
• C) Both A & B above.
• D) Neither A nor B above.

---

Definitions:

Disparate

Essentially different in kind; not allowing comparison.

Disjunctive

describes a relationship or situation where elements are not connected or do not flow logically from one to another.

Ambivalent

Describes mixed feelings or contradictory attitudes towards a person, situation, or object.

Openness

A personality trait describing someone as curious, imaginative, creative, adventurous, and inventive.