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While corporations are required to pay income taxes, most nonprofits are not.

Which of the following can be a source of revenue for both for-profit and nonprofit businesses?

If a donor contributes $500 to a nonprofit, how would the nonprofit’s accounting equation be affected?

Nonprofit organizations are automatically exempt from any income taxes.

Which of the following for-profit financial statements most closely mirrors the nonprofit Statement of Activities?

A nonprofit organization reports its revenues and expenses on a Statement of Financial Position. 

Most nonprofits do not have to pay any payroll taxes for employees.

Nonprofit stockholders must receive all profits earned by the nonprofit business in the form of dividends. 

Most nonprofits do not have to pay any payroll taxes for employees.

Grants are treated as revenues for a nonprofit.