Tag: accounting for not-for-profit organisation
Questions Related to accounting for not-for-profit organisation
The gross inflow of economic benefits is referred to as ________.
Receipts and Payments Account is a ____________.
To which account unrecorded asstes/liabilities are transferred?
Receipts and Payments Account is prepared on -
(I) Accrual basis of accounting
(II) Cash basis of accounting
(III) Hybrid basis of accounting
The correct answer is -
It is the amount which a non-trading concern receives as per the will of a deceased person.
Which of the following items are included in the Receipts and Payments Account ?
Receipts and Payments Account is in nature of _______________.
Which of the following is correct treatment of legacy received by non-profit organization?
Which of the following is not recorded in the Receipts and Payments Account:
W. Outstanding subscription
X. Prepaid insurance premium
Y. Depreciation
Income and Expenditure Account is a ______________.