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First, search the internet for the official website of a nonprofit organization that interests you (The...

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Accounting

First, search the internet for the official website of anonprofit organization that interests you (The American NationalRed Cross). When you review this website, locate the 2018 or 2019financial statements. Use the financial statements you locate toanswer the following questions:

  • How does the audit opinion given to this nonprofit entity byits independent auditors differ from the audit opinion rendered onthe financial statements for a for-profit business?
  • What are some significant differences you see between thereport you just reviewed and a for-profit statement?

Answer & Explanation Solved by verified expert
3.9 Ratings (426 Votes)
The basic aspect which bifurcates business organisation is the purpose of their operation ie not all organisations work for the profit motive rather there are some entities whose aim is to serve the society first This way there are two major types of organisation which are profit organisation and nonprofit organisation PROFIT ORGANIZATION NON PROFIT ORGANIZATION Financial Statement Income statement Balance Sheet and Cash flow statement Receipt Payment Ac Income Expenditure Ac and Balance Sheet The audit opinion given to this nonprofit entity by its independent auditors differ from the audit    See Answer
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