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True or False The FASB requires the statement of financial position prepared by a not-for-profit organization to report net assets in three categories: net assets

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True or False
The FASB requires the statement of financial position prepared by a not-for-profit organization to report net assets in three categories: net assets without donor restrictions, net investment in capital assets, and net assets with donor restrictions The accrual basis of accounting is used to record revenues and expenses of both public business-type and private colleges and universities Similar to other not-for-profit entities, health care entities are required under FASB standards to repo expenses

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