One of the Major Objectives of FASB 117 (ASC 958)is

question 11

Multiple Choice

One of the major objectives of FASB 117 (ASC 958) is to

• A)emphasize the different fund structures that currently exist for all private,nonprofit organizations.
• B)change the reporting for governmental organizations so that their reporting is comparable to that of private,nonprofit organizations.
• C)report combined financial statements,instead of individual fund financial statements,for all private,nonprofit organizations.
• D)bring about greater uniformity in the financial statements of all private,not-for-profit organizations.

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Definitions:

Autonomous Thinker

An individual who thinks independently, making decisions based on their own reasoning and values rather than conforming to group opinions.

Goodness

A moral quality that entails being virtuous, kind, and benevolent in nature.

Intentions

Planned or desired outcomes that an individual aims to achieve through specific actions.

Universal Conventions

Agreed-upon norms and standards that are accepted and practiced by a wide range of cultures and societies.