Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-What is the name of the statement of income for an NFP organization?
A) statement of operations
B) statement of changes in net assets
C) statement of financial position
D) statement of gross assets

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-What is the name of the statement of income for an NFP organization?
A) statement of operations
B) statement of changes in net assets
C) statement of financial position
D) statement of gross assets

Quizplus · Accepted Answer

The statement of income for a Not-for-Profit (NFP) organization is referred to as the "statement of operations." This statement is similar to an income statement for a for-profit entity, detailing revenues, expenses, and the resulting net income or loss.

Cost of the Asset$100,000