A$.$ Which of the following is not true?

SFAS No$.93$ requiresnot$-$for$-$profit organizations to recognize depreciation on long$-$lived tangible assets.

Under SFAS No$\mathrm{.}116,$ "Accounting for Contributions Received and Contributions Made," contributions are to be segregated into permanent restrictions, temporary restrictions, and unrestricted support imposed by donors.

Prior to SFAS No$.117,$ "Financial Statements of Not$-$for$-$ProfitOrganizations," there were significant differences in the financial reports of not$-$for$-$profit organizations.

Not$-$for$-$profit organizations are to present two aggregated financial statements.

According to SFAS No$\mathrm{.}124,$"Accounting for Certain Investments Held by Not$-$for$-$Profit

Organizations," equity securities should be shown at their fair values in the statement of financial position.

B$.$ Which of the following is an example of a profit institution?

Bank

Stategovernment

Church

University

None of the above

C$.$ Which of the following is not true?

SOP $94-2$ concludes that not$-$for$-$profit organizations should follow the guidance in effective provisions of GAAP, unless the specific pronouncement explicitly exempts not$-$for$-$profit organizations or their subject matter precludes such applicability.

Not$-$for$-$profit organizations account for a substantial portion of economic activity in the United States.

Prior to SOP $94-2,$ not$-$for$-$profit accounting principles were derived solely from AICPA audit guides.

Under SFAS No$.116,$"Accounting for Contributions Received and Contributions Made," contributions received are to be recognized as revenues or gains in the period received.

For a not$-$for$-$profit organization, the statement of activities should show realized or unrealized gains and losses.

D$.$Which of the following is not true?

The accounting for a not$-$for$-$profit institution does not include an entity conceptor efficiency.

The accounting for a not$-$for$-$profit institution has a bottom$-$line net income.

Some not$-$for$-$profit institutions have added budgeting by objectives and $/$ or productivity to their financial reporting to incorporate measures of efficiency.

Budgeting by objectives and$/$or measures of productivity could be added to the financial reporting of any not$-$for$-$profit institution.

Accounting for not$-$for$-$profit institutions differs greatly from accounting for a profit oriented enterprise.