The net asset reclassifications of a nongovernmental not-for-profit organization would be reported on which of the following?

a. Statement of financial position.

b. Statement of functional expenses.

c. Statement of cash flows.

d. Statement of activities.

Question

Social Studies

Abbie Hicks

27 July, 06:11

The net asset reclassifications of a nongovernmental not-for-profit organization would be reported on which of the following?

a. Statement of financial position.

b. Statement of functional expenses.

c. Statement of cash flows.

d. Statement of activities.

+1

Answers (1)

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Jerome Roach · Answer 1

Answer: Option (D) is correct

The statement of activities is referred to as the main financial statements of a nongovernmental not-for-profit organization. A nonprofit organization's statement of activities is issued rather than the statement of income which is provided by an organization which looks to maximize profit. This concentrates on the total organization.

The net asset reclassifications of a nongovernmental not-for-profit organization would be reported on which of the following?a. Statement of financial position.b. Statement of functional expenses.c. Statement of cash flows.d. Statement of activities.

The net asset reclassifications of a nongovernmental not-for-profit organization would be reported on which of the following?

a. Statement of financial position.

b. Statement of functional expenses.

c. Statement of cash flows.

d. Statement of activities.