ASHFORD ACC 380 Week 5 DQ 1 FASB Statement 117, Trusts, & Organizations

May 8th, 2015
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ASHFORD ACC 380 Week 5 DQ 1 FASB Statement 117, Trusts, & Organizations

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11-3 With regard to private-sector colleges and universities.a. List the three net asset classes required under FASB Statement 117.Unrestricted, temporarily restricted, and permanently restricted.b. List the finance required under FASB Statement 117.Statement of financial Position/Balance sheet, Statement of Activities, Statement of Cash Flows, and Notes to the financial Statementsc. Distinguish between an endowment, a term endowment, and a quasi-endowment. Indicate the accounting required for each.Endowment: If a donor were to give an institution wit

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