$**$Objective Type Question:$**$

Which of the following accurately describes a key aspect of accounting for nonprofit organizations?

a$)$ Nonprofit organizations do not need to adhere to any accounting standards or principles.

b$)$ Nonprofit organizations must report their financial activities only to donors and grantors.

c$)$ Accounting for nonprofit organizations focuses solely on generating profits and maximizing shareholder wealth.

d$)$ Nonprofit organizations must follow specific accounting standards and principles tailored to their unique needs and objectives.