1. True or False: All non-government not for profit entities (NFPs) are required to follow FASB accounting and financial reporting requirements

2. Non-government NFPs

1. Use the accrual basis of accounting
2. Are required to follow GASB financial statement reporting requirements
3. Have the following accounting equation: financial assets related liabilities = net assets
4. All of the above

3. Voluntary Health & Welfare Organizations (VHWOs)

1. Are nonprofit organizations established for the direct economic benefit of their members
2. Provide services in direct proportion to amounts paid by service recipients
3. Are nonprofit organizations established to provide various kinds of health, welfare and community services
4. None of the above

4. Non-government VHWOs and Other non-government Nonprofit Organizations (ONPOs)

1. Report 3 classes of net assets on their year-end financial statements: unrestricted, temporarily restricted, and permanently restricted
2. Include member-benefit organizations such as mutual insurance companies and credit unions that operate for the direct economic benefit of their members
3. Follow GASB standards and are reported as Enterprise Funds in terms of their year-end external purpose financial statements
4. All of the above