NOT FOR PROFIT CONCERN OBJECTIVES

1. The organization formed for providing services only.
2. An account, which is prepared by “Not for profit concern” instead of Profit and Loss account.
3. Concerns established for rendering services to its members or to the society and do not earn profit.
4. The account opened by non - trading concerns for recording cash receipts and cash payments.
5. The concern which prepares Income and Expenditure account instead of Profit and Loss account.
6. Fees paid by persons for becoming a member of a “Not for Profit Concern”
7. Monthly contribution by a person for becoming a member of “Not for Profit Concern”.
8. Donations received for specific purpose.
9. A special fund created for a certain purpose only.
10. The receipt which is not recurring in nature.
11. The receipt which is recurring in nature.
12. Fees received in lumpsum at once in case of “Not for Profit Concern”
13. An account which records only revenue items in case of “Not for Profit Concern”
14. Account which records only cash transactions in case of “Not for Profit Concern”.
15. The income which is earned during the year, but it has not been received during the year.
16. A fund created out of specific amount earmarked, gifted or donated and the income of this fund is to be used for specific purpose.
17. A statement showing the financial position of a concern on a particular date.
18. The expenditure which is recurring in nature or an expenditure which is incurred for carrying the day to day business activities.
19. The debit balance of Income and Expenditure account.
20. The credit balance of Income and Expenditure account.
21. The gift received from legal representative as per the will of a deceased person.
22. Excess of income over expenditure.
23. Excess of expenditure over income.
24. The excess of total assets over liabilities of a “Not for Profit Concern”.
25. The account opened by a non - trading concern to find out surplus/ deficit during the particular financial year.
26. All such receipts which are non - recurring in nature and not forming a part of regular flow of income of a concern.

Answer:

1. Not for profit concern.
2. Income and Expenditure account.
3. Not for Profit Concern.
4. Receipts and Payments account.
5. Not for profit concern
6. Entrance fees or admission fees
7. Subscription
8. specific donations
9. Specific fund
10. Capital receipt
11. revenue receipt
12. Life membership fees
13. Income and expenditure account
14. Receipts and Payments account
15. Outstanding income
16. Endowment fund
17. Balance Sheet
18. Revenue expenditure
19. deficit
20. surplus
21. Legacy
22. Surplus
23. Deficit
24. Capital fund
25. Income and Expenditure account
26. Capital Receipts.