Statement I. Under the Accounting Standard Update No. 2016-14, net assets of non-profit organization are classified into: unrestricted, temporarily restricted and restricted [permanently restricted]. Statement II. The non-profit organizations may have an option to present "Changes in net assets" in the Statement of Financial Position or Statement of Activities O Statement I is false, Statement II is true. O Both statements are false O Statement I is true, Statement II is false OBoth statements are true

Statement I. Under the Accounting Standard Update No. 2016-14, net assets of non-profit organization are classified into: unrestricted, temporarily restricted and restricted [permanently restricted]. Statement II. The non-profit organizations may have an option to present "Changes in net assets" in the Statement of Financial Position or Statement of Activities O Statement I is false, Statement II is true. O Both statements are false O Statement I is true, Statement II is false OBoth statements are true

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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