Not-for-profit entities are required to present information about the nature and function of expenses and this information can be reported in which of the following?
A) Statement of Cash Flows, Statement of Functional Expenses, or Statement of Activities.
B) Statement of Activities, Statement of Functional Expenses, or notes to financial statements.
C) Statement of Financial Position, Statement of Functional Expenses, or Statement of Cash Flows.
D) Statement of Financial Position, Statement of Cash Flows, or notes to financial statements.
E) Statement of Activities, Statement of Budget to Actual, or Income Statement.

Question

Quizplus · Accepted Answer

Not-for-profit entities can report information about the nature and function of expenses in the Statement of Activities, Statement of Functional Expenses, or notes to financial statements.

Not-For-Profit Entities Are Required to Present Information About the Nature