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.