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CPA Exam · Question 1 of 5
FAR-V · Net asset classifications
Community Outreach, a not-for-profit organization, prepares its financial statements under FASB ASC 958. How many classes of net assets must Community Outreach report on its statement of financial position?
A
One class of net assets.
B
Four classes of net assets.
C
Two classes of net assets.
D
Three classes of net assets.