Which financial statement is (are)required for a voluntary health and welfare organization which is not required for a private,not-for-profit hospital?
I.A statement of operations.
II.A statement of functional expenses.
A) I only
B) II only
C) Both I and II
D) Neither I nor II

Question

Quizplus · Accepted Answer

A voluntary health and welfare organization is required to prepare a statement of functional expenses, which details expenses by both their natural classification and their functional classification. This is not a requirement for private, not-for-profit hospitals.

Which Financial Statement Is (Are)required for a Voluntary Health and Welfare