Which of the following is true for a nongovernment, not-for-profit organization?

Question

Quizplus · Accepted Answer

Nongovernment, not-for-profit organizations can report their revenues and expenses in the statement of activities as changes in net assets without donor restrictions. This means that any income received by the organization that is not subject to donor-imposed restrictions can be reported as revenue, and any expenses that are incurred in the normal course of business can be reported as expenses. This is in contrast to changes in net assets with donor restrictions, which would only include revenues and expenses that are related to donor-imposed restrictions on the use of funds.

Which of the Following Is True for a Nongovernment, Not-For-Profit