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Author Question: According to the Financial Accounting Standards Board, the distinguishing characteristics of ... (Read 60 times)

bucstennis@aim.com

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on: Jul 5, 2018
According to the Financial Accounting Standards Board, the distinguishing characteristics of not-for-profit organizations (NFPOs) do not include which of the following?
 
  a. NFPOs can issue debt on which the interest is exempt from federal taxation
  b. NFPOs receive significant contributions from resource providers who do not receive proportionate value in return
  c. NFPOs operate for purposes other than to provide goods and/or services at a profit
  d. NFPOs do not have defined ownership interests that can be sold or transferred

Question 2

The cash basis of accounting is used by some small businesses and by most individuals for tax purposes.
 a. True
   b. False
   Indicate whether the statement is true or false


bubulittle310@msn.cn

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Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

True


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