20 NFP Accounting & Reporting

Question 1

In a statement of financial position, a nongovernmental not-for-profit entity must at a minimum report amounts for which classes of net assets?

Answer 1

with donor restrictions and without donor restrictions

Question 2

Donor restricted support contains which types of contribution revenues or gains?

Answer 2

Donor restricted support consists of contribution revenues or gains that increase net assets and have a donor stipulation which can be for a specified period or in perpetuity