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

---

Definitions:

S/R

Stimulus/Response, a concept in psychology that describes how an individual reacts to environmental stimuli, leading to behavioral responses.

Lab

A laboratory, often a room or building equipped for scientific experimentation, research, or teaching.

Profit-Sharing Program

A company policy where employees receive a share of the company's profits, typically distributed as bonuses or retirement funds.

Flexible/Medical Savings Account

A type of savings account that allows individuals to set aside pre-tax money for eligible healthcare expenses.