Examlex
The FASB requires that expenses of voluntary health and welfare organizations be reported according to function. Which of the following are FASB required function categories?
Dual Effects Concept
An accounting principle that recognizes each transaction as having at least two effects on the accounting equation.
Income Statement
A financial statement that reports a company's revenues, expenses, and profits over a specific period.
Accounting Equation
An equation representing the relationship between a company's assets, liabilities, and equity; Assets = Liabilities + Equity.
Stockholders' Equity
The residual interest in the assets of a corporation after deducting its liabilities, representing the ownership interest of the shareholders.
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