Which of the Following Statements Is not Accurate with Respect

question 139

Multiple Choice

Which of the following statements is not accurate with respect to private not-for-profits?

• A) Private not-for-profits report both current and long-term assets and liabilities and measure revenues and expenses using the accrual basis of accounting.
• B) The financial statements of private not-profits do not report by fund.
• C) The excess of assets over liabilities is termed net assets.
• D) The FASB has identified two classes of net assets for not-for-profits: unrestricted and restricted

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Definitions:

Required Reserve Ratio

The fraction of deposits that banks are required to keep on hand as reserves, either in their vaults or on deposit at a central bank.

Money Supply

The aggregate of all financial assets available within an economy, encompassing various forms of money like bank notes, coins, and balance in bank accounts.

Watchdog Timer

Monitors logic circuits controlling the processor. If the watchdog timer, which is reset every scan, ever times out, the processor is assumed to be faulty and is disconnected from the process.

CPU

Central Processing Unit, the primary component of a computer that performs most of the processing inside a computer.