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
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