Question

analyse the accounting system is a non-profit organisation 10 marks question​

Answer 1

Answer:

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Answer 2

Answer:

✏Non-profit accounting refers to the recording and reporting of business transactions of a non-profit organization.

. Here are some highlights.:-

· ✒Net assets take the place of equity in the balance sheet since there are no investors to take an equity position

· ✒Net assets are classified as with donor restrictions or without donor restrictions. Assets without donor restrictions can be used for any purpose.

· ✒A non-profit exists for a certain program. You can view the revenues and expenses associated with each program

· ✒Costs are assigned to the management and administration classification, with the intent being to keep costs as low as possible

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