Multiple Choice
Which of the following is not a distinguishing characteristic of a private not-for-profit organization according to FASB Statement No. 116?
A) Operating purposes other than to provide goods or services at a profit.
B) Absence of ownership interests like those of business enterprises.
C) Commonly financed through voluntary contributions.
D) Operate for the direct benefit of members.
Correct Answer:
Verified
Correct Answer:
Verified
Q36: A Statement of Functional Expenses is not
Q37: Which of the following is true regarding
Q38: A donor made a cash contribution of
Q39: FASB statement 116 requires unconditional pledges of
Q40: The FASB requires private not-for-profit organizations to
Q42: Donors to private not-for-profit entities are primarily
Q43: The activities of private not-for-profits are commonly
Q44: Voluntary health and welfare organizations promote the
Q45: Expenditures, encumbrances, and budgetary accounts are used
Q46: The FASB has the authority to set