answer the following true or false:

1. The states regulation of not-for-profits (NFPs) mainly derives from the states power to give tax breaks to the NFP.

2. The federal governments regulation of NFPs mainly derives from its power to give a major tax break to the NFP.

3. FASB establishes GAAP for NFPs

4. FASB establishes GAAP for governmental NFPs.

5. The Statement of Financial Position for a NFP can also be referred to as a Balance Sheet.