Which of the following statements is required for voluntary health and welfare organizations, but not for other not-for-profit organizations?

Question

Quizplus · Accepted Answer

The statement of functional expenses is required for voluntary health and welfare organizations, but not for other not-for-profit organizations. This statement provides information on how resources were allocated based on the organization's functions or programs. Other not-for-profit organizations are only required to present a statement of activities and changes in net assets, a statement of financial position, and a statement of cash flows. The statement of budget to actual is not required by accounting standards, but may be used internally by organizations.

Which of the Following Statements Is Required for Voluntary Health