Question

LONG ANSWER QUESTIONS
1. Distinguish between profit and non-profit organisations.
2. Explain different types of non-profit organisations.
3. Discuss the nature and types of charitable organisations.
4. Write notes on :
(a) Trusts (b) Societies​

Answer 1

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Answer 2

Answer:

The major difference between Non-profit and profit Organisations is on the basis of nature. The assets are those things that will provide benefits in the future but liabilities are those things, which the business has to pay in the future. To know the more difference between Current and Current Liabilities, we have to know the meaning of both terms

Type Description

501(c)(2) Title Holding Corporation For Exempt Organization

501(c)(3) Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals OrganizationsA charitable organization or charity is a non-profit organization whose primary objectives are philanthropy and social well-being charitable, educational, religious, or other activities serving the public interest or common good

Explanation:

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