Which of the following statements is required for voluntary health and welfare entities, but not for other not-for-profit entities?
A) Statement of Activities and Changes in Net Assets.
B) Statement of Functional Expenses.
C) Statement of Financial Position.
D) Statement of Cash Flows.
E) Statement of Budget to Actual.

Question

Quizplus · Accepted Answer

The statement of functional expenses is required for voluntary health and welfare entities according to GAAP but not for other not-for-profit entities. This statement provides information about how an organization's expenses are categorized by their functional purpose, such as program services, management and general, or fundraising.

Which of the Following Statements Is Required for Voluntary Health