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:

Insecurity

A feeling of uncertainty or anxiety about oneself; a lack of confidence.

Personal Feelings

Individual emotions or sentiments that are subjective and internal to one's self.

Primacy

The state of being first or foremost in importance, or the principle that considers the first information received as most influential.

Nonexclusive Relationships

Relationships in which partners do not expect monogamy from each other, allowing for multiple romantic or sexual relationships.