NPM700 Lecture Notes - Lecture 10: Basis Of Accounting, Deferral, Financial Statement
Document Summary
"re received: the deferral fund method records unrestricted donations as revenues in the year that they"re received and restricted donations in the year in which they"re used to cover related expenses. Statement of financial position (balance sheet: financial reporting cont"d. Statement of cash flows (statement of changes in financial. Position: statement of financial position (balance sheet, presents a snapshot of the organization at a particular point in time the month, the quarter, the year. It helps determine if the organization has the resources to continue. It has three basic components: assets (what they own or what is owed to them, liabilities (what they owe to others, net assets or fund balances (equity in the for-profits) Represents what"s left over after the liabilities have been paid. Often referred to as fund balances because it"s presented for the operating fund, mission fund (if one exists) and the.
