Question

1. Analyse the accounting system is a non-profit organization
లాభాపేక్షలేని సంస్థలలో అకౌంటింగ్ విధానాన్ని పిల్లిషింపుము

2. Distinction between non profit concern and non-trading concern
లాభతర, వ్యాపారితర సంస్థల మధ్యవ్యత్యాసాలను గురించి వాయండి
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Answer 1

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Non-trading Concerns:

Non-trading Concerns: The main objective of these concerns is to provide goods and services that fulfill a social need

Non-trading Concerns: The main sources of income of these concerns are entrance fees, subscriptions, donations, Govt. and municipals grants etc

Non-trading Concerns: The excess of income over expenditure is not distributed but is used to fulfill the needs of the concerns

Non-trading Concerns: Non-Trading concerns may be in the form of club, society, association and trust

Non-trading Concerns: In non-trading concerns, the ownership does not lie in the hands of anyone. No one can claim the ownership of these concerns, All the persons carrying on the society or club or trust are its members

Non-trading Concerns: The control and management of non-trading concerns rest in the hands of trustees, governing body and committee of management.

Non-trading Concerns: The accounts of non-trading concerns are also maintained according to the double entry system of accounting. These institutions do not maintain a full set of books but only a cashbook is maintained. Receipts end payments account is prepared instead of trial balance and Income and expenditure account is prepared to pres

Explanation: