Response to the following:
Consider FASB standards for reporting by private not-for-profit organizations and answer the following:
a. What are the financial reports required of all not-for-profits? What additional report is required for voluntary health and welfare organizations?
b. List the three classes of net assets.
c. Outline the accounting required for property, plant, and equipment. Include accounting for plant acquired with both unrestricted and restricted revenues.
d. Outline accounting and reporting for investments.