Which of the following are the net asset classes required by the FASB for

Which of the following are the net asset classes

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63.Which of the following are the net asset classes required by the FASB for private not-for-profit organizations? A)Reserved and Unreserved. B)Invested in Capital Assets, Net of Related Debt, Restricted, and Unrestricted. C)Permanently Restricted, Temporarily Restricted, Unrestricted. D)None of the above. Answer: C 64.Which of the following is true regarding accounting and financial reporting for nongovernmental, not-for-profit organizations? 65.Which of the following statements is notcorrect with respect to contributions to a private not-for-profit?10-9
Chapter 10 - Accounting for Private Not-for-Profit Organizations66.Which of the following is notcorrect with respect to the reporting of expenses for a private not-for-profit?67.With the exception of collections, fixed assets may be recorded by a private not-for-profit as:A)Temporarily restrictedB) UnrestrictedC) Both A & B above. D)Neither A nor B above. Answer: C68.FASB Statement 124, Accounting for Certain Investments of Not-for-Profit Organizations:

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