Prior to ASU 2016-14, what are the three categories of net assets required by GAAP in reporting of a not-for-profit entity?
Multiple Choice
Unrestricted, Temporarily Restricted, and Permanently Restricted.
Unrestricted, Restricted, and Fund Balance.
Restricted, Permanently Restricted, and Fund Balance.
Unrestricted, Temporarily Restricted, and Fund Balance.
None of these answer choices are correct.