answer the following true or false: On a Statement of Financial Position, Net Assets can be...

answer the following true or false:

On a Statement of Financial Position, Net Assets can be classified as any of the following: unrestricted, temporarily restricted or NICA.

8. On the Statement of Financial Position, the category “Permanently Restricted” is the one that will contain all of the NFP’s expenses for the year.

9. The indirect method can be used when preparing a Cash Flow statement that follows the rules promulgated by the FASB.

10. The cash flow statement for a NFP has 4 main categories.
11. A governmental NFP does not usually have a cash flow statement.

Solutions

Expert Solution

On a Statement of Financial Position, Net Assets can be classified as any of the following: unrestricted, temporarily restricted or NICA

This statement is False. Net Assets can be classified as any of the following: unrestricted, temporarily restricted or permanently restricted.

8. On the Statement of Financial Position, the category “Permanently Restricted” is the one that will contain all of the NFP’s expenses for the year.

This statement if False. On the Statement of Financial Position, the category “Permanently Restricted” is the on which the donor-imposed restriction on use of them.

9. The indirect method can be used when preparing a Cash Flow statement that follows the rules promulgated by the FASB.

This statement is True.

10. The cash flow statement for a NFP has 4 main categories.

This statement is False. The cash flow statement for a NFP has 3 main categories. Cash Flow from Operating Activities, Cash Flows from Investing Activities & Cash Flows from Financing Activities.

11. A governmental NFP does not usually have a cash flow statement.

This statement is Flase. A governmental NFP has Statement of Cash Flows.

ekkarill92 answered 1 year ago

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