When Consolidated Financial Statements Are Prepared for a Not-For-Profit Organization

question 56

True/False

When consolidated financial statements are prepared for a not-for-profit organization using fund accounting, these statements should show only consolidated statements of operations and consolidated statement of financial position.

---

Definitions:

Late Adolescence

Late Adolescence is a phase of human development that typically occurs from ages 15 to 19, characterized by continued physical, cognitive, and emotional growth, and a further development of identity and independence.

Anxiety Disorder

A disorder in which anxiety is a central symptom.

U.S. Adults

Individuals residing in the United States who are legally considered adults, typically over the age of 18.

6 Percent

A quantitative value or measurement, often referred to in statistical, financial, or performance contexts, indicating a portion out of a hundred.