Question

1. Financial statements prepared after December 15, 2017, the FASB requires that when presenting the statement...

1. Financial statements prepared after December 15, 2017, the FASB requires that when presenting the

statement of cash flows:

A. Only the direct method can be used.

B. If the direct method is used, you must present the reconciliation of the operating activities separately at

the bottom of the cash flows statement.

C. If the direct method is used, you may present the reconciliation of operating activities separately at the

bottom of the cash flows statement, but it is not required.

D. Only the indirect method can be used.

2. Financial statements prepared after December 15, 2017, the FASB requires that functional expenses

be reported:

A. Only using a statement of functional expenses for all types of not-for-profit organizations.

B. In the statement of activities, reported in the disclosure notes, or as a separate statement of functional

expenses for all types of not-for-profit organizations.

C. Only in the disclosure notes for all types of not-for-profit organizations.

D. Only for voluntary health and welfare organizations.

Business   Accounting   
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Answer #1

1. Financial statements prepared after December 15, 2017, the FASB requires that when presenting the

statement of cash flows:

B. If the direct method is used, you must present the reconciliation of the operating activities separately at

the bottom of the cash flows statement.

2. Financial statements prepared after December 15, 2017, the FASB requires that functional expenses

be reported:

A. Only using a statement of functional expenses for all types of not-for-profit organizations.

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