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One simple little paragraphAPA online reference Why are the following three areas: on going concern considerations, related party transactions, and subsequent events, so important in NPO...

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One simple little paragraphAPA online reference

Why are the following three areas: on going concern considerations, related party transactions, and subsequent events, so important in NPO accounting/auditing?

Answered Same Day Dec 23, 2021

Solution

David answered on Dec 23 2021
129 Votes
The reason why Going Concern Consideration, Related party transactions, and
subsequent events hold great importance for auditing and accounting of NPO’s is that all NPO’s
are formed for some social cause and are also receives funds and assistance from public and
various other organizations including government grants and donations. If NPO’s does not put
stress on the above mentioned three aspects than in such case the funds and asset...
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