Just as with a For-Profit Business,the First Priority for a Not-For-Profit

question 72

True/False

Just as with a for-profit business,the first priority for a not-for-profit organization is making a profit.

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Definitions:

Sales Discounts

Reductions in the price of goods or services that are offered by sellers to incentivize prompt payment by buyers.

Net Sales

The revenue a company earns from its sales activities, minus the costs associated with returns, compensation for faulty or missing items, and permitted discounts.

Normal Credit Balance

The usual balance side of an account, considered a credit for liability, revenue, and equity accounts.

Sales Discounts

A reduction from the gross or total price of goods or services offered by the seller to the buyer under certain conditions.