One of the Major Objectives of ASC 958 Is To

question 47

Multiple Choice

One of the major objectives of 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:

Indirectly

In a manner that is not straightforward or direct; happening through secondary or alternative means or effects.

Duties

Responsibilities or obligations that an individual, company, or government has under the law or contract.

Agency Agreement

A contract where one party (the agent) agrees to act on behalf of another (the principal) in business transactions.

Operation Of Law

An operation of law is a legal change that occurs automatically due to existing legal rules, rather than actions taken by the parties themselves.