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Question: Which of the following statements about the


Which of the following statements about the reporting of functional expenses is not true?
a. A statement of functional expenses is now required of all private not-for-profit entities.
b. Functional expenses are divided between program services and supporting services.
c. Functional expenses can be reported as a footnote rather than as a separate statement of functional expenses.
d. Functional expenses can be reported within the statement of activities rather than as a separate statement of functional expenses.

2.99

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