Nonprofit Organizations That Do Not Serve and Adapt to the Needs

question 175

True/False

Nonprofit organizations that do not serve and adapt to the needs and wants of their target public may fail.

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Definitions:

Uncollectible Accounts

Receivables that are deemed uncollectible and are written off as a loss due to the inability to collect the funds.

Allowance Account

An account used to offset the gross accounts receivable by the amount estimated to be uncollectible.

Accounts Receivable

Unsettled payments from customers to a business for goods delivered or services carried out.

Note Receivable

A financial asset representing a promise for future receipt of cash, typically arising from sales or loans, evidenced by a written promise to pay.