The Financial Reporting System for Private Not-For-Profits Must Address the Fact

question 133

True/False

The financial reporting system for private not-for-profits must address the fact that donors often impose restrictions on the use of contributed resources.

---

Definitions:

Substitution Effect

The change in demand for a good or service caused by a change in its price, leading consumers to substitute it with other goods or services.

Income Effect

The change in consumer's purchasing power due to a change in real income, affecting the quantity of goods they can buy.

Price Change

A variation in the cost of goods and services in a market, influenced by factors such as supply and demand, inflation, or governmental policy.

Charitable Giving

The act of giving money, goods, or time to the unfortunate, either directly or by means of a charitable trust or other worthy cause.