The Disclosure,"net Assets Released from Restrictions," Is Reported on Which

question 62

Multiple Choice

The disclosure,"net assets released from restrictions," is reported on which of the following financial statements for a voluntary health and welfare organization?
I.The statement of cash flows.
II.The statement of activities.

• A)I only
• B)II only
• C)Both I and II
• D)Neither I nor II

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Definitions:

Retail Stores

Physical or online places of business that sell goods or merchandise to the public for personal or household use.

Fireworks

Devices containing combustible chemicals that produce a spectacular explosion when ignited, typically used for entertainment.

Qualify to do Business

The process by which a company meets the legal requirements to operate in a jurisdiction outside of its original incorporation.

Foreign Nonprofit Corporation

A nonprofit organization that is formed under the laws of another country but operates within a different country.