A not-for-profit hospital would present all of the following financial statements, except a: a. Balance sheet or statement of financial position. b. Statement of functional expenses. c. Statement of operations. d. Statement of cash flows.

The answer is b. Statement of functional expenses. A not-for-profit hospital would present a balance sheet, statement of operations, and statement of cash flows as they are required for financial reporting purposes. The statement of functional expenses, on the other hand, is optional but is still often presented by not-for-profit organizations to show how their resources are being used to achieve their mission. The statement breaks down expenses by function (e.g. patient care, administration, fundraising) to provide more detail on how the organization is spending its funds.