Private Not-For-Profits Use the Accrual Basis and Record Both Fixed

question 138

True/False

Private not-for-profits use the accrual basis and record both fixed assets and long-term debt..

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Definitions:

Civil Penalties

Financial sanctions imposed by a government agency as punishment for violations of statutes or regulations.

Criminal Penalties

Criminal penalties are the punishments imposed by the judicial system for criminal offenses, which can include fines, probation, community service, or imprisonment.

Pollution

The introduction of harmful substances or products into the environment, causing adverse effects on living organisms and the ecosystem.

Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA)

A U.S. federal law that regulates the registration, distribution, and use of pesticides to protect human health and the environment.