Question

Meaning of Accounting for Not-for-profit organization​

Answer 1

Usually, every business undertakes economic activities with a motive to earn a profit. ... Hence, Accounting for Non-Profit Organizations become necessary. Examples of such organisations are charitable institutions, religious organisations, clubs, educational institutions, trade unions, etc.

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Answer 2

Answer:

• Final accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a specific period. Final accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a specific period.

Explanation:

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