The basic financial statements of a not-for-profit include all of the following except _____.a. Statement of financial position.b. Statement of activities.c. Statement of changes in functional expenses.d. Statement of cash flows.
Social Studies · High School · Mon Jan 18 2021
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d. Statement of cash flows.
The basic financial statements of a not-for-profit typically include:
a. Statement of financial position (similar to a balance sheet),
b. Statement of activities (similar to an income statement for nonprofits),
c. Statement of changes in functional expenses.
However, a Statement of Cash Flows is not commonly presented as a basic financial statement for not-for-profit organizations. The Statement of Cash Flows provides information about an entity's cash inflows and outflows from operating, investing, and financing activities, and while it is a crucial financial statement for for-profit businesses, it may not be as common or required for not-for-profit entities.