Under Fund Accounting:________

question 16

Multiple Choice

Under fund accounting:________.

• A)Net assets and net income are segregated based on the activity or the nature of the activity.
• B)Only one account is used to account for all the funds of a not-for-profit organization together.
• C)Common funds used under fund accounting are the deferral fund and restricted fund.
• D)Note disclosure describing the nature of the funds segregated is not required.

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Definitions:

Revolution

A fundamental and relatively quick change in political power or organizational structures that takes place when the population revolts against existing authorities.

Revolutionary War

A conflict from 1775 to 1783 in which the Thirteen American Colonies won independence from Great Britain, becoming the United States of America.

Philadelphia's Artisan

Refers to skilled craft workers who produce handcrafted goods or engage in trades in Philadelphia, a city with a rich history of craftsmanship.

Democratic Politics

The practice and principles of democracy in the political sphere, emphasizing participation, competition, and representation.