Prior to ASU 2016-14, what are the three categories of net assets required by GAAP in reporting of a not-for-profit entity?
A. Restricted, Permanently Restricted, and Fund Balance.
B. Unrestricted, Restricted, and Fund Balance.
C. Unrestricted, Temporarily Restricted, and Permanently Restricted.
D. Unrestricted, Temporarily Restricted, and Fund Balance.
E. None of these answer choices are correct.
Answer: C
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