Question

Comparative study of profit organizations and not for profit organizations and analysis of adjustments in final account of not for profit concern/ organizations

Answer 1

Answer:

There is no owner of the non-profit organisations and the nonprofits are not bound to pay taxes their taxes are waived on the net income. They held responsible for the state and property taxes only.

The income statement of each quarter is to be put together for a profit organization for the total profit earned which is not the case with the non-profit organization.

Explanation: