When consolidated financial statements are prepared for a not-for-profit organization using fund accounting, these statements should show only consolidated statements of operations and consolidated statement of financial position.

Question

Quizplus · Accepted Answer

Consolidated financial statements for a not-for-profit organization should include more than just the consolidated statements of operations and financial position; they typically also include statements of cash flows and, often, changes in net assets, to provide a complete picture of the organization's financial activities and health.

When Consolidated Financial Statements Are Prepared for a Not-For-Profit Organization