The United Way Payable Account Would Normally Be Shown on the Balance

question 27

True/False

The United Way Payable account would normally be shown on the balance sheet under current liabilities.

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Definitions:

Not-For-Profit Entity

An organization that operates for purposes other than making a profit, such as charitable, educational, or cultural purposes, and reinvests any excess revenues in its mission.

Donor's Gift

A voluntary conveyance of money, goods, or services from an individual or organization, without the expectation of direct compensation but often with philanthropic intentions.

Internal Revenue Code

The Internal Revenue Code is the comprehensive set of tax laws created by the United States federal government, overseeing federal tax obligations.

501(c)(3) Status

A tax designation in the United States for nonprofit organizations that exempts them from federal income taxes, pertaining to charitable, religious, educational, or scientific purposes.