5 Questions
Which of the following is not considered a not-for-profit organization (NPO)?
Private corporations
What type of financial statements do not-for-profit organizations (NPOs) prepare?
Financial statements in various forms and contents
What is the primary objective of a not-for-profit organization (NPO)?
Providing resources to a target audience
Which of the following is an example of a not-for-profit organization (NPO) in the Philippines?
Philippine Institute of Certified Public Accountants (PICPA)
What is the main difference between not-for-profit organizations (NPOs) and government units?
Target audience served
Study Notes
Not-for-Profit Organizations (NPOs)
- A business corporation is not considered a not-for-profit organization (NPO)
- NPOs prepare Statement of Activities and Statement of Financial Position, which are different from for-profit financial statements
- The primary objective of an NPO is to achieve a social mission, rather than to maximize profits
- Examples of NPOs in the Philippines include hospitals, universities, and charitable organizations
- The main difference between NPOs and government units is that NPOs are private organizations, while government units are public entities with the power to tax and exercise sovereign authority
Test your knowledge of not-for-profit organizations with this industry overview quiz. Explore the unique characteristics and objectives of NPOs, and understand their role in benefiting the public.
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