The Predominant Form of Nonprofit Organization in the United States

question 126

Multiple Choice

The predominant form of nonprofit organization in the United States is:

• A) farms
• B) arts museums and programs
• C) private-sector volunteer organizations
• D) social service firms
• E) government

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Definitions:

Net Realizable Value

The estimated selling price of an item of inventory less any direct costs of disposal, such as sales commissions; the value of the receivables reduced to the amount that is expected to be collected or realized, computed as accounts receivable less allowance for doubtful accounts.

Cost Center

A department or function within a business that does not directly contribute to profit but incurs costs, used for performance evaluation and budgeting.

Physical Units Method

An approach to allocating joint costs based on the number of physical units produced at a certain stage in manufacturing.

Market Values

The current price at which an asset or service can be bought or sold in the marketplace.