Which of the Following Is not True Regarding the Statement

question 125

Multiple Choice

Which of the following is not true regarding the Statement of Activities for nongovernmental, not-for-profit organizations?

• A) FASB requires that the change in net assets be reported for each of the net asset classes.
• B) Expenses are reported as unrestricted, temporarily restricted or permanently restricted.
• C) Expenses are reported as decreases in unrestricted net assets.
• D) Organization-wide totals must be provided.

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Definitions:

US$

The abbreviation for the United States Dollar, the official currency of the United States of America.

Exchange Rates

The price at which one currency can be exchanged for another.

Canadian Dollars

The currency of Canada, represented by the symbol CAD or C$.

US Dollars

The official currency of the United States, widely used in international transactions and considered a major reserve currency.