the statement of financial position of non-profit organizations does not show assets distributed as retained earnings to shareholders. But the balance sheet of for-profit organizationsdoeshave such asset distribution declaration. It is, however, possible to have the assets of non-profits reinvested to...
Statement of Financial Position This is the equivalent of a for-profit entity's balance sheet. The largest difference is nonprofit entities do not have equity positions. Any residual balances after all assets have been liquidated and liabilities have been satisfied are called "net assets." ...
NoncashProgramFund-raisingJoint activitiesSummary This chapter describes the unique types of financial statement fraud schemes that may be perpetrated by not-for-profit organizations. Since the financial reporting objectives of these organizations differ from those of commercial businesses, the financial ...
C. Distinctions between current fund and noncurrent fund presentations. D. Standardization of funds nomenclature.正确答案:B 分享到: 答案解析: B is corrent. SFAS 117 establishes standards for general-purpose external financial statements. This statement focuses on the basic information of the organizatio...
The income statement presents the enterprise’s operating results during a defined accounting period. The calculation involves subtracting operating expenses from revenue to determine operating profit, adding non-operating income subtracting non-operating expenses to obtain total profit, and then subtracting ...
2. Income statement Sometimes referred to as a profit and loss statement, income statements describe what the company did with the money it earned and spent. This essentially reveals its activities between balance sheets. Income statements include all revenues, expenses, gains, and losses that occur...
Related to Statement of Financial Performance:Statement of cash flows ThesaurusAntonymsRelated WordsSynonymsLegend: Switch tonew thesaurus Noun1. income statement- a financial statement that gives operating results for a specific period earnings report,operating statement,profit-and-loss statement ...
Profit Structure Valued Profit:If non-operating income, investment income, asset disposal income, interest income, gain from fair value changes account for a small proportion of the total profit composition of the company, the company’s profit is more valuable. ...
People create nonprofits to provide services that promote the public good in fulfillment of a specified mission. Nonprofits do not have owners. Instead, any and all benefits generated go to the community or people served. Conversely, for-profit companies
The balance sheet, income statement, and cash flow statement: these offer an inside look at a company. Browse Investopedia’s expert-written library to learn more.