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

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.