The Equity Section of Statement of Financial Position for Private

question 41

Multiple Choice

The equity section of Statement of Financial Position for private not-for-profits includes which accounts?

• A) Unrestricted, Temporarily Restricted, Permanently Restricted.
• B) Invested in Capital Assets net of related debt, unrestricted net assets.
• C) Unreserved Fund Balance, Reserved Fund Balance.
• D) None of the above describes the proper accounting treatment.

Identify the correct columns for beginning and ending inventory in the worksheet.

Understand the purpose and effects of adjustments in the worksheet.

Determine the effects of specific accounting entries on the determination of net income.

Differentiate between temporary and permanent accounts and their roles in the financial statements.

---

Definitions:

Propositions

Assertions or statements that present an idea or opinion for consideration or debate.

Opposition

In logic and philosophy, the relation between two propositions that have corresponding subject and predicate but differ in quality, such as one being affirmative and the other negative.

Non-categorical

Pertaining to concepts or items not organized according to a specific category or class.

Proposition

A note that communicates a viewpoint or opinion.