Adjustments at the End of the Period Are Not Formally

question 36

True/False

Adjustments at the end of the period are not formally entered in the journal or posted to the accounts.

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Definitions:

Permanent Endowment

A donation of money or property to a nonprofit organization, which uses the resulting investment income for a specific purpose.

Fundraising Activities

Efforts undertaken by an organization to generate voluntary financial contributions from individuals, businesses, charitable foundations, or governmental agencies.

Conditional Contribution

A donation made with specified terms that must be met for the contribution to be retained by the recipient.

FASB

The Financial Accounting Standards Board (FASB) is an independent organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.