FASB 117 requires that an ONPO provide three financial statements.Which of the following is not one of them?
A)A statement of financial position
B)A statement of activities
C)A statement of cash flows
D)A statement of functional expenses

Question

Quizplus · Accepted Answer

FASB 117 requires an ONPO to provide a statement of financial position, a statement of activities, and a statement of cash flows. A statement of functional expenses is not required by FASB 117.

FASB 117 Requires That an ONPO Provide Three Financial Statements