_____ Under FAS 116, contributions are reported in the statement of activities using all of the following categories except
A) Board-restricted.
B) Permanently restricted.
C) Temporarily restricted.
D) Unrestricted.
E) None of the above.

Question

Quizplus · Accepted Answer

Under FAS 116, contributions are reported as permanently restricted, temporarily restricted, or unrestricted. Board-restricted contributions are not a separate category under FAS 116; instead, they are typically classified under one of the other three categories based on the nature of the restriction.

_____ Under FAS 116, Contributions Are Reported in the Statement