The FASB Requires Private Not-For-Profit Organizations to Report Expenses Separated

question 142

True/False

The FASB requires private not-for-profit organizations to report expenses separated by unrestricted, temporarily restricted and permanently restricted.

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Definitions:

Intraorganizational

Pertaining to activities, communication, and interactions that occur within the same organization.

Exterorganizational

Exterorganizational pertains to interactions, relationships, or dynamics that occur outside of or between organizations, rather than within a single organization.

Extraorganizational

Pertaining to activities or influences that are outside the scope or boundaries of a single organization.

ERP

Stands for Enterprise Resource Planning, a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, and manufacturing.