Statement of Financial Position: Not-for-Profit Flashcards
1
Q
What is the statement of Financial position?
A
It is similar to a balance sheet. Displays:
Assets
Liabilities
Net Assets with & without donor restrictions AKA residual interest.
2
Q
What is the purpose of the statement of financial position?
A
Displays assets, liabilities, and net assets, and about their relationship to one another at a moment in time.
3
Q
What sort of accounting concept do not for profits follow?
A
Accrual.
