FASB requires that not-for-profit entities classify net assets into the following i. Not Restricted
ii. Restricted
iii. Temporarily Restricted
A) I and III
B) II and III
C) I and II
D) I, II and III

Question

Quizplus · Accepted Answer

FASB requires that not-for-profit entities classify net assets into three classes: unrestricted, temporarily restricted, and permanently restricted.

FASB Requires That Not-For-Profit Entities Classify Net Assets into the Following