Define De Facto Segregation

question 100

Essay

Define de facto segregation.

Distinguish between the types of funds within an NFPO and the reporting requirements for each.

Recognize correct accounting treatments for capital assets, including capitalization, amortization, and exemption conditions.

Understand the criteria for recording bequests and donations and their impact on financial statements.

Identify the different financial statements required by not-for-profit organizations and the unique components of each.

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Definitions:

Common Law

Common law is a legal system characterized by case law and precedent, where court judgments and legal principles from previous cases guide future rulings.

Courts of Equity

Judicial bodies that have the authority to apply principles of equity, as opposed to law, to cases brought before them.

Monetary Limitation

Refers to the maximum amount of money that can be claimed or allocated under a contract or insurance policy.

Negligence

The failure to exercise the standard of care that a reasonably prudent person would have exercised in a similar situation, leading to harm or damage.