Under Current Accounting and Reporting Standards Nongovernmental,not-For-Profit Organizations (NFPs)must Utilize

question 2

True/False

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

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Definitions:

Secondary Source

A document or recording that relays information not originally created by the author or speaker, often summarizing or commenting on primary sources.

Compartmentalizing

The practice of separating activities, tasks, or information into distinct sections for improved management and focus.

Discrete Topics

Individual, distinct subjects or areas of discussion that are separate from each other.

Primary Source

an original document or firsthand evidence that is used in research and historical analysis.