Pharm, a nongovernmental not-for-profit organization, is
preparing its year-end financial statements. Which of the following
statements is required?

(b) FASB ASC 958 indicates that “a complete set of
financial statements of not-for-profit organization shall include a
statement of financial position as of the end of the reporting period,
a statement of activities and a statement of cash flows for the
reporting period, and accompanying notes to financial statements.”