Question

Financial reporting by not-for-profit, nongovernmental entities should provide information useful in: a) Assessing management stewardship and performance.b) Assessing services and the ability to continue to providing services. c) Making resource allocation decisions. d) All of the answers are correct.

Answer 1

Answer:

D. All of the above

Explanation:

Financial reporting by not-for-profit, nongovernmental entities should provide information useful in Assessing management stewardship and performance, Assessing services and the ability to continue to providing services, Making resource allocation decisions.

Answer 2

Answer:

D. All of the answers are correct

Explanation:

Non governmental not for profit organizations are those organizations that are not primarily driven by profit but rather primarily set up towards addressing welfare issues of the society. In financial reporting for a non-governmental not for profit organizations, information should be provided on assessing economic resources, management stewardship and performance, obligations, net resources, and changes in them as well as making decisions on allocation of resources.