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A financial statement audit is a thorough review of your financial statements to determine if your financial statements present fairly, in all material respects, in accordance with generally accepted accountingprinciples. Permanent accounts, or Real Accounts, are accounts that maintain ongoing balances over time.
Nonprofits must maintain thorough and accurate financial records to comply with both Generally Accepted AccountingPrinciples ( GAAP ) and maintain their tax-exempt status with the IRS. Prepare bank reconciliations. Allocate revenue and expenses to restricted fund accounts . Organize and maintain receipts .
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