A) The Statement of Functional Expenses (or equivalent note disclosure): - The Statement of Functional Expenses (or equivalent note disclosure): -is no longer a required financial statement of any organization. -is no longer a required financial statement of any organization. -is required of both for-profit and not-for-profit organizations.

B) The FASB requires that expenses of not-for-profit organizations be reported according to function. Which of the following are FASB required function categories? -Capital and Noncapital Related. -Operating, Investing and Financing. -Program and Supporting Services. -Operating and Nonoperating.

C)Service Efforts and Accomplishments reporting is relevant because: -SEA reporting provides more complete information about a government entity's performance than can be provided by the basic financial statements. -The GASB requires supplemental reporting of service efforts and accomplishments. -Enterprise fund statements do not do a good job of measuring efficiency or effectiveness. -All of the choices are correct.