Question

What statements are usually prepared by non-profit organisations ​

Answer 1

Answer:

Explanation:

Nonprofits use four main financial reporting statements: balance sheet, income statement, statement of cash flows and statement of functional expenses.

Answer 2

The statements are Income & Expenditure account and Balance Sheet.

• These organisations prepare the Income and Expenditure Account to determine the surplus / deficit resulting from an organization's activities.
• The account is a list of all revenue and expenditure products related to the current year of taxation. It is prepared to determine the surplus or deficit resulting from current revenue over current expenditure.
• Creating a standard size balance sheet lays out results at the end of multiple time periods. It is extremely useful to build trend lines and assess changes over longer periods of time.