A Not-For-Profit Would Include Which of the Following Financial Statements

question 35

Multiple Choice

A not-for-profit would include which of the following financial statements in its basic financial statements?

• A)Statement of financial position and statement of activities.
• B)Statement of financial position, statement of activities, and statement of cash flows.
• C)Statement of financial position, statement of activities, statement of cash flows, and statement of functional expenses.
• D)Statement of financial position, statement of activities, and statement of functional expenses.
• Use the following information to answer Questions 40 and 41.
• In Year 1, the Expert Gardeners Group receives a $60,000 grant to promote its "Grow-Ur-Own" green vegetables program among Desert City residents.In Year 2, the group spends the grant funds for the stipulated purpose.

---

Definitions:

Edward Bellamy

An American author and socialist, most famous for his utopian novel, "Looking Backward: 2000-1887."

Standard Oil

An American oil producing, refining, and transporting company established by John D. Rockefeller that became a symbol of the monopolistic practices and economic power of the Gilded Age.

John D. Rockefeller

An American industrialist and philanthropist who played a pivotal role in the establishment and growth of the oil industry.

Settlement House Movement

A social reform movement that began in the late 19th and early 20th centuries, aimed at improving the lives of the poor by establishing community centers in urban areas.