Trustees of Nonprofit Organizations Have All the Following Responsibilities EXCEPT

question 23

Multiple Choice

Trustees of nonprofit organizations have all the following responsibilities EXCEPT

• A)establishing fiscal policy and boundaries, with budgets and financial controls.
• B)providing adequate resources for the activities of the organization through direct financial contribution and a commitment to fund-raising.
• C)hiring a chief financial officer.
• D)selecting, evaluating, and if necessary, terminating the appointment of a chief executive.
• E)develop and maintain a communications link to the community, promoting the work of the organization.

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Definitions:

Unit Product Cost

The total cost (direct materials, direct labor, and overhead) divided by the number of units produced.

Variable Costing

A costing method that includes only variable manufacturing costs - direct materials, direct labor, and variable manufacturing overhead - in the cost of a product.

Unit Product Cost

The total cost assigned to a single unit of product, including direct materials, direct labor, and allocated overhead.

Absorption Costing

An approach in financial accounting that wraps all expenses incurred in manufacturing including direct materials, direct labor, and all overhead (variable and fixed), into the product's cost.