CHAPTER 11

Accrual-Basis Financial Statements

11.1 Simple Accrual-Basis Statements

*(a) Income

(c) Net Assets

*11.2 Accrual-Basis Statements—Fundraising Organization

(c) Income Statement Format

11.3 Accrual-Basis Statements—International Organization

p. 157, first paragraph, sixth sentence. Replace “need be” with “are.”

11.1 Simple Accrual-Basis Statements

p. 158, first sentence. Replace “broken even” with “broke even.”

(a) Income

p. 158, second paragraph after Exhibit 11.1. Replace “Offsetting this” with “The offset” and move the second paragraph up to make it part of the first paragraph.

*p. 159, in-text table under Exhibit 11.2. Line up “(18,275)” and “$1,610” correctly with the other numbers (align commas).

p. 159, last paragraph, first sentence. Delete “As can be seen,” and capitalize the “T” in “there.”

(c) Net Assets

p. 160, first paragraph, fifth sentence. Replace the fifth sentence with: “Many organizations keep amounts separated in this way on their financial statements, as a matter of preference.”

11.2 Accrual-Basis Statements—Fundraising Organization

*p. 161, table title. Change “Figure” to “Exhibit” 11.3.

*p. 162, table title. Change “Figure” to “Exhibit” 11.4.

(c) Income Statement Format

p. 162, first paragraph, second sentence. Replace the second sentence with: “While there are some administrative expenses, the detail has not been included because it would distract from the main purpose of the sentence.”

11.3 Accrual-Basis Statements—International Organization

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