The disclosure,"net assets released from restrictions," is reported on which of the following financial statements for a voluntary health and welfare organization?
I.The statement of cash flows.
II.The statement of activities.
A)I only
B)II only
C)Both I and II
D)Neither I nor II

Question

Quizplus · Accepted Answer

The disclosure "net assets released from restrictions" is reported on the statement of activities for a voluntary health and welfare organization. This disclosure shows the amount of donor-restricted net assets that were released from donor restrictions during the fiscal year, which then become available for use by the organization for general operating purposes. This information is not reported on the statement of cash flows.

The Disclosure,"net Assets Released from Restrictions," Is Reported on Which