Answer the following questions regarding financial reporting by private not-for-profit organizations. (1) What are the financial statements required for all private not-for-profit organizations? (2) What organizations are required to present a Statement of Functional Expenses? (3) What are the three classes of Net Assets?
What will be an ideal response?
(1) The financial reports are (a) Statement of Financial Position, (b) Statement of Activities, and (c) Statement of Cash Flows.
(2) Voluntary Health and Welfare Organizations are required to present a Statement of Functional Expenses
(3) The three classes of Net Assets are: (a) unrestricted, (b) temporarily restricted, and (c) permanently restricted
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Knowledge about the project subject, the processes, and the equipment for conducting specialized activities best describes
A) technical skills. B) business skills. C) interpersonal skills. D) conceptual skills.
Orin enters into a contract with Natalie. Later, Orin is adjudged mentally incompetent and Moseby is appointed Orin's guardian. Lila, Orin's daughter, attempts to void Orin's contract with Natalie on the grounds of Orin's incompetency. The contract is?
A) enforceable if Orin does not attempt to disaffirm it. ?B) enforceable if Natalie is also incompetent C) enforceable if Moseby knew of the contract when he was appointed. D) void.
The Equal Pay Act of 1963 prohibits unequal pay based on
A. gender. B. race or ethnicity. C. merit. D. job type. E. age.
The responsibility for coordinating the preparation of a master budget should be assigned to the Chief Executive Officer.
Answer the following statement true (T) or false (F)