Account of Non-Profit Making Organization: Introduction - SS2 Accounting Past Questions and Answers - page 1
What is recorded as revenue in a non-profit organization's accounts?
Program expenses
Fundraising expenses
Contributions and donations
General and administrative expenses
What are program expenses in a non-profit organization?
Expenses related to raising funds for the organization
Expenses directly related to the organization's mission and purpose
Expenses not directly related to the organization's mission and purpose
All of the above
What are general and administrative expenses in a non-profit organization?
Expenses directly related to the organization's mission and purpose
Expenses not directly related to the organization's mission and purpose
Expenses related to raising funds for the organization
All of the above
What are fundraising expenses in a non-profit organization?
Expenses related to raising funds for the organization
Expenses directly related to the organization's mission and purpose
Expenses not directly related to the organization's mission and purpose
All of the above
What are grants and contracts in a non-profit organization?
Funds donated by individuals and corporations
Restricted funds for a specific purpose or program
Expenses directly related to the organization's mission and purpose
Expenses not directly related to the organization's mission and purpose
What is the purpose of the accounts in a non-profit organization?
The accounts of a non-profit organization are designed to track the organization's revenue and expenses, as well as the use of restricted funds and grants, to ensure that the organization is operating within its budget and using its resources effectively to support its mission and purpose.
What are program expenses in a non-profit organization?
Program expenses in a non-profit organization are expenses directly related to the organization's mission and purpose, such as salaries and benefits for staff working on programs, supplies, and other costs associated with delivering the organization's services.