Which financial statement is (are)required for a voluntary health and welfare organization that 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

II. A statement of functional expenses is required for a voluntary health and welfare organization but not for a private, not-for-profit hospital. This statement provides detailed information about the expenses related to each function or program of the organization.

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