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List and describe two internal financial statements that may be used at a non-profit organization. What is the importance of each one? Are these essential for a non-profit organization? Why or why not?

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List and describe two internal financial statements that may be used at a non-profit organization. What is the importance of each one? Are these essential for a non-profit organization? Why or why not is determined.

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Two of the most common internal financial statements at a non-profit organization are the Statement of Financial Position, and the Consolidated Statement of Unrestricted Activities. The Statement of Financial Position is essentially a balance sheet, which shows the entity's assets, and liabilities and net assets. The main difference with the non-profit is that there is no section of stockholder's equity, as we see in the presentation of the balance sheet of a for-profit entity. The Statement of Financial Position for a non-profit typically includes current assets, investments, property ...

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