Question

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question 1 (1 point)
a nonprofit organization does not have a balance sheet
true
false
question 2 (1 point)
a for profit organization uses a balance sheet
true
false
question 3 (1 point)
donations are non - operating gains
true
false

Explanation:

Question 1

Nonprofit organizations have financial statements, including a statement of financial position (similar to a balance sheet) to show assets, liabilities, and net assets. So the statement "A nonprofit organization does not have a balance sheet" is false.

For - profit organizations use a balance sheet to present their assets, liabilities, and equity at a specific point in time. This is a key financial statement for them. So the statement "A for profit organization uses a balance sheet" is true.

Donations, especially for non - profit organizations, are not part of operating activities. They are considered non - operating gains as they are infusions of resources that are not from the core operating activities of the organization. So the statement "Donations are non - operating gains" is true.

Answer:

False

Question 2