Under Current Accounting and Reporting Standards, Nongovernmental Not-For-Profit Organizations Must

question 58

True/False

Under current accounting and reporting standards, nongovernmental not-for-profit organizations must utilize the fund accounting structure set forth in the AICPA Audit and Accounting Guide Not-for-Profit Entities.

---

Definitions:

Ethical Dilemma

A situation in which a person is faced with multiple choices and the decision involves a conflict of ethical values.

Alternatives

Different options or choices available to decision-makers.

Ethical Situation

A scenario or decision-making process that involves determining the right course of action in situations where moral considerations are relevant.

GAAP

Generally Accepted Accounting Principles, a common set of accounting rules and standards for financial reporting used in the United States.