Which of the following statements is FALSE? A. While many private not-for-profit organizations use funds for internal purposes, the financial statements do not report separate funds B. Examples of voluntary health and welfare organizations would include the Girl Scouts and the American Heart Association C. The financial statements of private not-for-profits are intended primarily for those who have a residual claim to the net assets of the organization D. A Statement of Functional Expenses is required for voluntary health and welfare organizations E. Accounting practices of private sector not-for-profit organizations are influenced by two AICPA audit and accounting guides: Not-for-Profit Organizations and Health Care Organizations
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