Author Question: As a designer of an AIS the accountant will test a new system's controls. Indicate whether the ... (Read 108 times)

bclement10 · **on:** Jul 5, 2018

As a designer of an AIS the accountant will test a new system's controls.
Indicate whether the statement is true or false

Question 2

The board of directors of a nongovernmental not-for-profit organization voted to designate 100,000 of its unrestricted net assets to be used for its permanent endowment.

Which of the following best describes the accounting and financial reporting implications of this action?
A. The net assets are still considered unrestricted.
B. The net assets are now considered temporarily restricted.
C. The net assets are now considered permanently restricted.
D. Unrestricted net assets will decrease in total.