QUESTION 27 The basis of accounting used by not-for-profit organizations in their external financial reports is: A. Industry-specific basis of accounting B. Cash basis of accounting C. Modified accrual basis of accounting D. Accrual basis of accounting QUESTION 28 FASB require the balance sheets of not-for-profits to display: A. Net assets in four separate categories-unrestricted, temporarily restricted, permanently restricted, and restricted by creditors B. Three separate funds-unrestricted, temporarily restricted, and permanently restricted net assets C. Six totals-total assets, total liabilities, total net assets, total unrestricted net assets, total temporarily restricted net assets, and total permanently restricted net assets D.Unrestricted, temporarily restricted, and permanently restricted retained earnings QUESTION 29 FASB requires external financial reports for not-for-profits to provide information about: A. Donor-imposed restrictions on resources B. All restrictions on resources C. Donor and creditor restrictions on resources D. None of these is correct