Which One of the Following Statements Is Not Required for Voluntary

question 19

Multiple Choice

Which one of the following statements is not required for voluntary health and welfare organizations?

• A)A statement of financial position
• B)A statement of activities
• C)A statement of functional expenses
• D)A statement of changes in net assets

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Definitions:

Employer

An individual or entity that hires and pays people to perform specific jobs or services.

Independent Contractor

A person who is hired to perform a task for another but who is not the other’s employee.

Employee

An individual who works for an employer and is entitled to receive compensation in exchange for their labor or services.

Independent Contractor

An individual who provides services to another entity under terms specified in a contract or within a verbal agreement, unlike an employee who works regularly for a single employer.