State funds received by the Not-for-Profit Organization.
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The funds received by the Not-for-Profit Organization are a donation, membership fee or entrance fee, subscription, loans, and government and institutional grants
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Error of complete omission – If a transaction is completely omitted or not recorded in the journal or any subsidiary books, it is termed as error of omission. Such error will not effect the trial balance as it is not recorded on the debit side of an account nor on the credit side of another account.
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