_____ Under FAS 117, which of the following categories of net assets is not required to be shown in the statement of financial position?
A) Permanently restricted.
B) Temporarily restricted.
C) Board-restricted.
D) Unrestricted.
E) None of the above.

Question

_____	Under FAS 117, which of the following categories of net assets is not required to be shown in the statement of financial position?
A) Permanently restricted.
B) Temporarily restricted.
C) Board-restricted.
D) Unrestricted.
E) None of the above.

Quizplus · Accepted Answer

Under FAS 117 (now known as ASC 958 due to the codification of accounting standards), nonprofit organizations are required to report net assets in three categories: unrestricted, temporarily restricted, and permanently restricted. Board-restricted net assets, while they may be internally designated for specific purposes by the organization's board, do not constitute a separate category under these reporting standards.

_____ Under FAS 117, Which of the Following Categories of Net