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

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter1: Comprehensive Cases

Section1.2: Lehman Brothers Holdings, Inc.

Problem 2Q

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