Listed below are some identifying characteristics of organizations. Type a X in the appropriate column(s) to
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Question:
Listed below are some identifying characteristics of organizations. Type a "X" in the appropriate column(s) to indicate which characteristics apply to each type of organization. Some characteristics apply to more than one type of organization.
Type of organization
Characteristic | For-profit business | Nonprofit | State and local government |
Operates according to a legal budget | |||
Reports entity-wide financial statements | |||
Uses accrual basis of accounting | |||
Has equity shareholders | |||
Uses modified accrual basis of accounting | |||
Financial reporting includes reporting funds | |||
May have to pay federal income taxes on unrelated business income | |||
Files federal income tax returns | |||
Reports deferred inflows and outflows of resources | |||
Revenues come primarily from involuntary, nonexchange transactions | |||
Reports economic resources |
Related Book For
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