Non-Profit Organizations – NBC Institute

FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities

This question requires the preparation of financial statements for a non-profit entity.

Question

The Balance Sheet of Paramount Youth Centre as at 31 December 2009 is shown as follows:
Balance Sheet as at 31 December 2009:

The following transactions took place during the period 1 January 2010 to 31 December 2010:

Receipts:
Subscriptions (10,000 members @ N1,600 each) N16,000
Donations N1,600
Sale of tickets for annual dinner N10,800
Payments:
Electricity N4,000
Expenses for annual dinner N6,200
New games equipment N3,200
Cleaners’ wages N2,080
Repairs and renewals N1,660
Motor van repairs N2,520

Notes:

An electricity bill of N900,000 was owed at 31 December 2010.
Depreciation should be calculated at 10% of cost of the assets.

You are required to prepare:
(a) The Receipts and Payments Account. (4 ½ Marks)
(b) The Income and Expenditure Account and Balance Sheet as at 31 December 2010. (10 ½ Marks)

Answer

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Tags: Financial Statements, Non-Profit Organizations
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2011

FA – May 2014 – L1 – SA – Q14 – Accounts of Not-for-Profit Entities

This question tests knowledge of terminology used in non-profit accounting when expenditure exceeds income.

Question

In a not-for-profit organisation, the excess of expenditure over income is known as ………………………

Answer

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Tags: Accounting Terminology, Financial Statements, Non-Profit Organizations
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2014

AA – July 2023 – L2 – Q1b – Audit and Assurance Risk Environment, Audit and Assurance Evidence

Explanation of control weaknesses inherent in Non-Profit Organizations (NFPOs).

Question

b) Understanding the client’s business environment is critical to understanding the client’s business. There is a need for this because the objectives of commercial organizations are different from that of not-for-profit organizations (NFPOs). The inherent control weaknesses for both forms of organizations may not be the same.

Required:
Explain FIVE (5) control weaknesses inherent in NFPOs. (10 marks)

Answer

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Tags: Internal Control, Non-Profit Organizations, Risk, Weaknesses
Level: Level 2

Topic: Audit and Assurance Evidence, Audit and Assurance Risk Environment
Series: JULY 2023

FM – NOV 2018 – L2 – Q1 – Introduction to Financial Management

Explains objectives of non-profit organizations, financial markets, and roles of a finance manager.

Question

a) Choosing a corporate objective of a firm is extremely important and has a determinant factor to the success or failure of a corporation in controlling the market.

Required:
Explain FOUR (4) objectives of not-for-profit organizations.
(4 marks)

b) Financial markets are the markets where individuals and organizations lend funds to other individuals and organizations.

Required:
Explain the following under financial markets:

i) Over the counter market (OTC)
ii) Dealers market
iii) Auction market
(6 marks)

c) Identify and explain FOUR (4) essential roles performed by a Finance Manager in order for a corporate body to achieve its objectives.
(10 marks)

Answer

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Tags: Corporate Objectives, Finance Manager Roles, Financial Markets, Non-Profit Organizations
Level: Level 2

Topic: Introduction to Financial Management
Series: NOV 2018

FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for Sun City Social Club for the year ended December 31, 2015.

Question

The following details are available from the books of Sun City Social Club.

Summary of Bank Account for 31 December 2015

Additional Information:

i) Equipment is to be depreciated at 20%.
ii) One-tenth of life membership fees is to be credited to the Income and Expenditure Account each year.
iii) The bar keeper who had handled bar sales all for cash had disappeared, taking with him some monies. It was not known how much money he had stolen, but all bar sales were sold at a profit of 33 1/3 % on cost price.
iv) The cash stolen should be credited to the Bar Trading Account and debited to the Income and Expenditure Account.

Required:

a) Prepare a Bar Trading Account for the year ended 2015. (7 marks)
b) Prepare an Income and Expenditure Account for the year ended 31 December 2015. (7 marks)
c) Prepare a Statement of Financial Position as at 31 December 2015. (6 marks)

Answer

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Tags: Bar Trading, Financial Reporting, Income and Expenditure, Non-Profit Organizations
Level: Level 1

Topic: Preparation of financial statements of a sole trader
Series: NOV 2017

FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities

This question requires the preparation of financial statements for a non-profit entity.

Question

The Balance Sheet of Paramount Youth Centre as at 31 December 2009 is shown as follows:
Balance Sheet as at 31 December 2009:

The following transactions took place during the period 1 January 2010 to 31 December 2010:

Receipts:
Subscriptions (10,000 members @ N1,600 each) N16,000
Donations N1,600
Sale of tickets for annual dinner N10,800
Payments:
Electricity N4,000
Expenses for annual dinner N6,200
New games equipment N3,200
Cleaners’ wages N2,080
Repairs and renewals N1,660
Motor van repairs N2,520

Notes:

An electricity bill of N900,000 was owed at 31 December 2010.
Depreciation should be calculated at 10% of cost of the assets.

You are required to prepare:
(a) The Receipts and Payments Account. (4 ½ Marks)
(b) The Income and Expenditure Account and Balance Sheet as at 31 December 2010. (10 ½ Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Non-Profit Organizations
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2011

FA – May 2014 – L1 – SA – Q14 – Accounts of Not-for-Profit Entities

This question tests knowledge of terminology used in non-profit accounting when expenditure exceeds income.

Question

In a not-for-profit organisation, the excess of expenditure over income is known as ………………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Terminology, Financial Statements, Non-Profit Organizations
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2014

AA – July 2023 – L2 – Q1b – Audit and Assurance Risk Environment, Audit and Assurance Evidence

Explanation of control weaknesses inherent in Non-Profit Organizations (NFPOs).

Question

Required:
Explain FIVE (5) control weaknesses inherent in NFPOs. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Internal Control, Non-Profit Organizations, Risk, Weaknesses
Level: Level 2

Topic: Audit and Assurance Evidence, Audit and Assurance Risk Environment
Series: JULY 2023

FM – NOV 2018 – L2 – Q1 – Introduction to Financial Management

Explains objectives of non-profit organizations, financial markets, and roles of a finance manager.

Question

a) Choosing a corporate objective of a firm is extremely important and has a determinant factor to the success or failure of a corporation in controlling the market.

Required:
Explain FOUR (4) objectives of not-for-profit organizations.
(4 marks)

b) Financial markets are the markets where individuals and organizations lend funds to other individuals and organizations.

Required:
Explain the following under financial markets:

i) Over the counter market (OTC)
ii) Dealers market
iii) Auction market
(6 marks)

c) Identify and explain FOUR (4) essential roles performed by a Finance Manager in order for a corporate body to achieve its objectives.
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Objectives, Finance Manager Roles, Financial Markets, Non-Profit Organizations
Level: Level 2

Topic: Introduction to Financial Management
Series: NOV 2018

FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for Sun City Social Club for the year ended December 31, 2015.

Question

The following details are available from the books of Sun City Social Club.

Summary of Bank Account for 31 December 2015

Additional Information:

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bar Trading, Financial Reporting, Income and Expenditure, Non-Profit Organizations
Level: Level 1

Topic: Preparation of financial statements of a sole trader
Series: NOV 2017

Question Tag: Non-Profit Organizations

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FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities

This question requires the preparation of financial statements for a non-profit entity.

FA – May 2014 – L1 – SA – Q14 – Accounts of Not-for-Profit Entities

This question tests knowledge of terminology used in non-profit accounting when expenditure exceeds income.

AA – July 2023 – L2 – Q1b – Audit and Assurance Risk Environment, Audit and Assurance Evidence

Explanation of control weaknesses inherent in Non-Profit Organizations (NFPOs).

FM – NOV 2018 – L2 – Q1 – Introduction to Financial Management

Explains objectives of non-profit organizations, financial markets, and roles of a finance manager.

FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for Sun City Social Club for the year ended December 31, 2015.

FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities

This question requires the preparation of financial statements for a non-profit entity.

FA – May 2014 – L1 – SA – Q14 – Accounts of Not-for-Profit Entities

This question tests knowledge of terminology used in non-profit accounting when expenditure exceeds income.

AA – July 2023 – L2 – Q1b – Audit and Assurance Risk Environment, Audit and Assurance Evidence

Explanation of control weaknesses inherent in Non-Profit Organizations (NFPOs).

FM – NOV 2018 – L2 – Q1 – Introduction to Financial Management

Explains objectives of non-profit organizations, financial markets, and roles of a finance manager.

FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for Sun City Social Club for the year ended December 31, 2015.

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FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities

This question requires the preparation of financial statements for a non-profit entity.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities"

FA – May 2014 – L1 – SA – Q14 – Accounts of Not-for-Profit Entities

This question tests knowledge of terminology used in non-profit accounting when expenditure exceeds income.

You're reporting an error for "FA – May 2014 – L1 – SA – Q14 – Accounts of Not-for-Profit Entities"

AA – July 2023 – L2 – Q1b – Audit and Assurance Risk Environment, Audit and Assurance Evidence

Explanation of control weaknesses inherent in Non-Profit Organizations (NFPOs).

You're reporting an error for "AA – July 2023 – L2 – Q1b – Audit and Assurance Risk Environment, Audit and Assurance Evidence"

FM – NOV 2018 – L2 – Q1 – Introduction to Financial Management

Explains objectives of non-profit organizations, financial markets, and roles of a finance manager.

You're reporting an error for "FM – NOV 2018 – L2 – Q1 – Introduction to Financial Management"

FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for Sun City Social Club for the year ended December 31, 2015.

You're reporting an error for "FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader"

FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities

This question requires the preparation of financial statements for a non-profit entity.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities"

FA – May 2014 – L1 – SA – Q14 – Accounts of Not-for-Profit Entities

This question tests knowledge of terminology used in non-profit accounting when expenditure exceeds income.

You're reporting an error for "FA – May 2014 – L1 – SA – Q14 – Accounts of Not-for-Profit Entities"

AA – July 2023 – L2 – Q1b – Audit and Assurance Risk Environment, Audit and Assurance Evidence

Explanation of control weaknesses inherent in Non-Profit Organizations (NFPOs).

You're reporting an error for "AA – July 2023 – L2 – Q1b – Audit and Assurance Risk Environment, Audit and Assurance Evidence"

FM – NOV 2018 – L2 – Q1 – Introduction to Financial Management

Explains objectives of non-profit organizations, financial markets, and roles of a finance manager.

You're reporting an error for "FM – NOV 2018 – L2 – Q1 – Introduction to Financial Management"

FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for Sun City Social Club for the year ended December 31, 2015.

You're reporting an error for "FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader"

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