| Which of the following statements is not accurate with respect to private not-for-profits? |
| Multiple Choice |
| The excess of assets over liabilities is termed net assets. |
| The financial statements of private not-profits do not report by fund. |
| The FASB has identified two classes of net assets for not-for-profits: unrestricted and restricted. |
| Private not-for-profits report both current and long-term assets and liabilities and measure revenues and expenses using the accrual basis of accounting. |
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Which of the following statements is not accurate with respect to private not-for-profits? Multiple Choice The excess of assets over liabilities is te
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