All of the Following Are Examples Nonprofit Organizations EXCEPT

question 58

Multiple Choice

All of the following are examples nonprofit organizations EXCEPT:

• A) State Farm, an insurance company
• B) American Heart Association
• C) American Humane Society
• D) Rotary Club, a service organization
• E) Brotherhood of Electrical Workers, a union

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Definitions:

Ending Inventory

The total value of all inventory still available for sale at the end of an accounting period.

Income Statement

An Income Statement is a financial statement that shows a company's revenues and expenses over a specified period, culminating in net profit or loss.

Periodic FIFO

Periodic FIFO (First-In, First-Out) is an inventory costing method used to calculate the cost of goods sold, assuming that the oldest inventory items are sold first.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated by adding new purchases to the beginning inventory and subtracting the cost of goods sold.