The FASB requires private not-for-profit organizations to report individual assets and liabilities separated by unrestricted, temporarily restricted and permanently restricted.
Answer the following statement true (T) or false (F)
False
In the Statement of Financial Position, assets and liabilities are reported in order of liquidity. A classified statement may be used. Net assets must be broken down into restricted, temporarily restricted and permanently restricted classes. It is not necessary to identify which assets and liabilities are restricted.
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The LIFO method agrees with the actual physical goods flow in most businesses
Indicate whether the statement is true or false
What is the only real way to increase wages and standard of living?
a. increase quality b. increase competition c. increase trade d. increase productivity
In what way has the initial limited legal principle of understanding diversity been expanded?
a. By including group based patterns of inequality at work b. By including greater distinction categories c. By including group based patterns of inequality in society d. By including a greater understanding of national and global diversity terminology
A finder of a mislaid property can claim title to the property if it is found within the finder's premises
Indicate whether the statement is true or false