ACC 410 WEEK 9 QUIZ 7
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TRUE/FALSE (CHAPTER 12)
- FASB Statement No. 117 directs that revenues and expenses be reported in a statement of financial position.
- In the statement of activities, FASB Statement No. 117 requires revenues to be reported as increases in one of the three categories of net assets, depending on donor-imposed restrictions; however, all expenses should be reported as decreases in unrestricted net assets.
- Restricted contributions may be reported as unrestricted if the restriction has been met in the same period as the contribution is made.
- FASB Statement No. 95 requires not-for-profits to use the direct method in their statements of cash flows.
- In accounting for investments, not-for-profits, like businesses, must report their investments at fair value and classify the investments as either trading, available-for-sale, or held-to-maturity.
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