Which Statement Is True Concerning Budgeting in Not-For-Profit Organizations

Multiple Choice

Which statement is true concerning budgeting in not-for-profit organizations?

A) It is not necessary since the goal is not profit-oriented.
B) It usually starts with budgeting receipts, following by expenditures.
C) It is based on cash flows rather than revenues and expenses.
D) The budget must be approved by the shareholders.