Why are financial statements important for nonprofits?
An example of an AI chatbot conversation about the significance of financial statements for nonprofits.
Why are financial statements important for nonprofits?
Financial statements are crucial for nonprofits as they provide transparency, help in budgeting, and attract donors.
What specific financial statements should nonprofits prepare?
Nonprofits should prepare a Statement of Financial Position, Statement of Activities, and Statement of Cash Flows.
How do these statements help in decision-making?
They help assess financial health, track income and expenses, and guide strategic planning for future initiatives.
Can you explain the difference between cash and accrual accounting?
Sure! Cash accounting records transactions when cash is exchanged, while accrual accounting records when the transaction occurs, regardless of cash flow.
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