Which of the Following Statements Is NOT Required in the Financial

question 32

Multiple Choice

Which of the following statements is NOT required in the financial reports of a not-for-profit entity?

• A)Statement of Position.
• B)Statement of Restricted Funds.
• C)Statement of Activities.
• D)Statement of Cash Flows.

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Definitions:

High Inflation

A situation where the general price level in an economy is increasing rapidly over a short period.

Consumer Price Index

An index that measures the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Inflation

is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Savings

Savings refer to the portion of income that is not spent on consumption but is set aside for future use, often in a bank account or other investment vehicle.