Generally, non-profit organisations prepare which of the following? i) Receipt and Payment Account ii) Income and Expenditure Account iii) Balance Sheet
All (i), (ii) and (iii)
The correct answer is option 3. Non-profit organizations typically prepare all three of these financial statements: the Receipt and Payment Account, the Income and Expenditure Account, and the Balance Sheet. The Receipt and Payment Account records all cash transactions, the Income and Expenditure Account records the organization's income and expenses, and the Balance Sheet shows its financial position at a specific point in time.
Important Questions from Receipts & Payment Account
Receipts and payments account includes which of the following?
(i)All receipts and payments related to the current year.
(ii) All receipts and payments related to the previous or future year(s).
(iii) All receipts and payments irrespective of the nature (both revenue and capital).
Which option shows the correct accounting treatment given in the nonprofit organization accounting?
(i) Small donations - revenue receipts
(ii) Subscriptions - revenue receipts
The record of cash transactions by non-trading concerns is shown in
Which of these books is not related to ' Non Trading concerns ' ?
