Which of the following are the net asset classes required by the FASB for privat
ID: 2411006 • Letter: W
Question
Which of the following are the net asset classes required by the FASB for private not-for-profit organizations under the new rules?
Net Assets with or without Restrictions
Net investment in capital assets, Restricted, and Unrestricted.
Partially Restricted, Temporarily Restricted, and Unrestricted.
None of the above.
A.Net Assets with or without Restrictions
B.Net investment in capital assets, Restricted, and Unrestricted.
C.Partially Restricted, Temporarily Restricted, and Unrestricted.
D.None of the above.
Explanation / Answer
The option is D i.e.,None of the above. The FASB is the new accounting standard which is designed to help private not for profit organization it decreases the classes of asset classification one will be net asset with donor restriction and net asset without donor restriction.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.