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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. 

Nonprofit organizations are automatically exempt from any income taxes.

Which of the following is the correct accounting equation for a nonprofit?

Nonprofits are not allowed to borrow money like for-profit businesses are.

Most nonprofits are required to file which of the following annual reports to the federal government?