According to GAAP, all not-for-profit organizations are required to prepare

a. A statement of activities, a statement of functional expense, and a statement of cash flows prepared using accrual accounting.

b. A statement of activities, a balance sheet, and a statement of cash flows prepared using accrual accounting.

c. A statement of financial position, a statement of activities, a statement of cash flows and a statement of functional expenses prepared using accrual accounting.

d. A statement of cash flows, a statement of activities, and a statement of financial position prepared using either cash basis or accrual basis accounting.