Public Disclosure Rules Require That a Tax-Exempt Not-For-Profit Organization

question 33

Multiple Choice

Public disclosure rules require that a tax-exempt not-for-profit organization

• A)Provide a copy of its Form 990 immediately to any person who comes into the office and requests it.
• B)Provide a copy of its articles of incorporation and by-laws to any person who requests it in writing.
• C)Provide a copy of the minutes to all board meetings to any person who requests such documents in writing.
• D)Provide a copy of its Form 990-T,but not its Form 990,to any person who requests it.

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Definitions:

Accounts Receivable Turnover

A financial ratio that measures how many times a company collects its average accounts receivable in a period.

Sales

The total amount of goods or services sold by a company, serving as a primary source of revenue.

Net Income

A company's overall earnings following the deduction of all expenses and taxes from its gross income.

Average Collection Period

The average number of days it takes for a company to collect receivables from its customers, indicating the efficiency of its credit policies.