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Near the end of FY 2021, a not-for-profit organization was paid cash for goods and services it will provide at some point in FY 2022.
Near the end of FY 2021, a not-for-profit organization was paid cash for goods and services it will provide at some point in FY 2022. Due to the recognition of this event in FY 2021, which of the following statement(s) is/are true of the organization's financial statements for FY 2021, assuming all else equal? (Select all that apply.) Question 12 options: The organization's Total Assets shown on the balance sheet will be higher. The organization's Total Liabilities shown on the balance sheet will be higher. The organization's Total Net Assets shown on the balance sheet will be higher. The organization's Total Expenses shown on the activity statement will be higher. The organization's Total Revenues shown on the activity statement will be higher. The organization's Net Cash from Operations shown on the cash flow statement will be higher.During the fiscal year, a certified public accountant provided donated cleaning services to a not-for-profit museum which otherwise would have had to pay for those services. The museum should report donated services and a professional services expense on their activity statement for the fiscal year because of this. true or false
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