Accounting Practices of Private Sector Not-For-Profit Organizations Are Influenced by Two

question 85

True/False

Accounting practices of private sector not-for-profit organizations are influenced by two AICPA audit and accounting guides: Not-for-Profit Organizations and Health Care Organizations.

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Definitions:

Donee Beneficiary

An individual who benefits from a contract between two other parties, with the intent that the benefits of the contract apply to this third party.

Acceptance

The act of agreeing to the terms of an offer, thereby creating a binding contract.

Antiassignment Clause

A contract provision that prohibits the transfer of rights or delegation of duties under the contract to another party without the original party's consent.

Delegated Duty

A task or responsibility that is officially transferred to someone from another person who has authority.