Under FASB Standards the Statement of Activities for a Not-For-Profit

question 33

True/False

Under FASB standards the statement of activities for a not-for-profit organization is required to be separated into operating and nonoperating activity.

---

Definitions:

Consignment

The act of giving goods to another party to sell on your behalf, but retaining ownership until the goods are sold.

Gross Cost

Gross Cost refers to the total expense incurred before any deductions, such as discounts or rebates, providing a raw figure of the financial outlay for a purchase or project.

Commission

A fee paid for provided services, typically a percentage of the transaction value, often used in sales, brokerage, and real estate transactions.

Principals

Refers to the original sum of money borrowed in a loan, or put into an investment.