Which of the following statements about the reporting of functional expenses is not true?
10. Which of the following statements about the reporting of functional expenses is not true?
a. A statement of functional expenses is now required of all private not-for-profit entities.
b. Functional expenses are divided between program services and supporting services.
c. Functional expenses can be reported as a footnote rather than as a separate statement of functional expenses.
d. Functional expenses can be reported within the statement of activities rather than as a separate statement of functional expenses.
Homework Answers
The correct answer is A.
All private NFPs must now report functional expenses. The format used for this reporting is optional. The NFP can create a separate statement of operating expenses. As an alternative, it can report the information within the statement of activities or as footnote disclosure.
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Which of the following statements about the reporting of functional expenses is not true?
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