Lesson: Non-For-Profit: Statement of Financial Position Overview and Objectives

In this lesson, explore the basics of the Statement of Financial Position with Nick Palazzolo, CPA, as he sheds light on the balance sheet equivalent for non-profit entities. Nick makes navigating this area less daunting, indicating there are plenty of opportunities for scoring in the exam through simple memorization, without the complexities of bonds or lease classifications. Dive into the critical differences between non-governmental and governmental non-profits and understand why this distinction is key when applying accounting standards. Furthermore, get practical with Nick as he walks you through preparing and adjusting the Statement of Financial Position using a trial balance and supporting documents, ensuring accurate classification and correction of errors for non-governmental non-profits.