NOT-FOR-PROFIT ACCOUNTING Definition

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NOT-FOR-PROFIT ACCOUNTING is the adherence to NFP ACCOUNTING STANDARDS. These standards are established by the Financial Accounting Standards Board (FASB) or the Government Accounting Standards Board (GASB). Additionally, the American Institute of Certified Public Accountants (AICPA) influences the accounting for nonprofit organizations with its industry and accounting guides and Statements of Position (SOPs).

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GROSS PROFIT METHOD is an inventory estimate based on gross margin.

OPEN-END FUND is a mutual fund that continually offers shares for sale and will always redeem existing shares for cash at the shareholder's request.

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