ACCOUNTS OF NON-PROFIT – MAKING ORGANIZATIONS : LSUS
Financial Accounting SSS2 Third Term
WEEK – SIX
ACCOUNTS OF NON-PROFIT – MAKING ORGANIZATIONS
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 spent, usually no other records are kept. Because of this his topics is an extension of incomplete records treated in the previous weeks.
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