Which of the Following Statements Is not Accurate with Respect

Multiple Choice

Which of the following statements is not accurate with respect to private not-for-profits?

A) Private not-for-profits report both current and long-term assets and liabilities and measure revenues and expenses using the accrual basis of accounting.
B) The financial statements of private not-profits do not report by fund.
C) The excess of assets over liabilities is termed net assets.
D) The FASB has identified two classes of net assets for not-for-profits: unrestricted and restricted