IMPORTANT- These are general questions not specific to your Not-for-Profit Team Project 1. Financial Statements A. Why is there a lack of a profit-motive? B. What are the primary financial statements and what purpose do they serve? C. What is the accounting equation and why does it differ from for-profit companies? 2. Briefly explain the GAAP definition of the following financial statement components A. Net Assets B. Unrestricted Assets C. Restricted Assets D. Permanently Restricted Assets 3. Explain the difference between Program (Expenses) Services and Supporting (Fund Raising) Expenses? 4. Form 990: Tell us what it is and how it relates to the financial statements 5. Charity Navigator: What is this, what does it do, and how it is helpful to contributors and regulators