ACCOUNTS OF NON-PROFIT – MAKING ORGANIZATIONS

Financial Accounting SSS2 Third Term

WEEK – SIX

ACCOUNTS OF NON-PROFIT – MAKING ORGANIZATIONS

CONTENT

TOPIC: ACCOUNTS OF NON-PROFIT – MAKING ORGANIZATIONS

WHAT ARE NON-PROFIT MAKING ORGANIZATIONS?

Non-profit-making organizations exist to provide services for their members. Example are. Sports and social clubs, dramatic societies, music clubs, etc.

Making a profit is not their main purpose, although many carry on fund – raising activities to provide more or more services for the members. The organization is owned by all its members and not by just one person or a few of the members.

Records of money received and spent are usually kept by a member who is not a trained bookkeeper or accountant. Besides, these records of money received and…