Question Tag: Not-for-profit

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FA – May 2012 – L1 – SB – Q1 – Accounts of Not-for-Profit Entities

Prepare income statement, income and expenditure account, and statement of financial position for a not-for-profit society.

Question

The following details are available from the books of Tops Darts Society:

(iii)
The person handling Dart sales, “all in cash,” disappeared with the money received from this source. It is unknown how much was stolen, but all darts were sold at a profit of 33⅓% on cost price.

(iv)
Three people paid life membership fees of N4,000 each. One-tenth of this amount is to be credited to the income and expenditure account each year, while the remaining is treated as prepaid.

(v)
Depreciation on equipment is to be calculated at 20%.

You are required to:

(a) Draw up a Darts Income Statement for the year 2011 to calculate the gross profit on Darts sold. The cash stolen should be credited to this account, with a debit shown in the Income and Expenditure Account.
(b) Prepare an Income and Expenditure Account for the year ended 31 December 2011, and a Statement of Financial Position as at that date.

Answer

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Tags: Depreciation, Financial Position, Income Statement, Not-for-profit, Theft
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying what should not be included in the receipts and payments account of a not-for-profit organization.

Question

Which of the following should NOT be included in the Receipts and Payments Account of a Not-for-profit organisation?

A. Annual subscription
B. Salaries and wages
C. General expenses
D. Provision for depreciation
E. Payment for the purchase of landed properties

Answer

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Tags: Depreciation, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2012

FA – Nov 2012 – L1 – SA – Q19 – Accounts of Not-for-Profit Entities

Determining the effect of omitting honorarium from the receipts and payments account.

Question

The effect of omitting honorarium paid to the secretary from the Receipts and Payments Account of a social club is that it overstates the:

A. Asset and understates Accumulated fund
B. Accumulated fund and understates the assets
C. Assets and understates the liabilities
D. Liabilities and understates Accumulated fund
E. Asset and overstates the Accumulated fund

Answer

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Tags: Accounts, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2012

BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

Question

The objective of a not-for-profit organization should be the pursuit of:

A. Cost effectiveness
B. Profit minimization
C. Shareholders’ wealth maximization
D. Value for money
E. Market position

Answer

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Tags: Cost Effectiveness, Not-for-profit, Value for Money
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

FA – May 2013 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

This question asks for the term used to describe the excess of expenditure over income in an Income and Expenditure Account.

Question

Excess of expenditure over income in an Income and Expenditure Account of a Not-For-Profit Organisation is called:

Answer

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Tags: Income and Expenditure, Not-for-profit
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2013

FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities

This question tests knowledge of the accounting basis used in recording transactions in a not-for-profit organisation.

Question

The accounting basis maintained in recording transactions in the Receipts and Payments account of a Not-For-Profit Organisation is:

Answer

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Tags: Accounting, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2013

FA – Nov 2021 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

This question asks about the treatment of subscription in arrears in a not-for-profit organization.

Question

Subscription in arrears is treated in the statement of financial position of a not-for-profit organisation as:
A. Current asset
B. Current liability
C. Non-current assets
D. Intangible asset
E. Tangible asset

Answer

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Tags: Multiple Choice, Not-for-profit, Subscription in Arrears
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2021

FA – May 2022 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Interpret what a credit balance on a receipts and payments account indicates for a not-for-profit organization.

Question

A credit balance on a receipts and payments account of a not-for-profit organization indicates that the entity:

A. Has excess cash in the bank
B. Received more cash than it paid out during the period
C. Made more cash payments than received during the period
D. Had more revenue than expenses during the period
E. Did not owe much liabilities during the period

Answer

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Tags: Cashflow, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2022

FA – Nov 2023 – L1 – SA – Q18 – Accounts of Not-for-Profit Entities

Describe characteristics of not-for-profit organizations.

Question

Which of the following statements accurately describes not-for-profit organisations?

A. Not-for-profit organisations always strive to maximise their revenue and minimize costs to generate a profit
B. Not-for-profit organisations are businesses that focus solely on making a profit and do not have any other objectives
C. Not-for-profit organisations include clubs, societies, charities, hospitals, and government bodies
D. Not-for-profit organisations operate at a level where their income exceeds their costs, similar to a profit-making entity
E. Not-for-profit organisations do not generate any income and solely rely on donations and grants

Answer

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Tags: Financial Reporting, Not-for-profit, Organizations
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2023

FA – May 2023 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying the term used for the difference between assets and liabilities in a not-for-profit organization.

Question

The difference between the assets and liabilities of a not-for-profit organisation is called:

A. Net asset

B. Net liability

C. Accumulated fund

D. Working capital

E. Net capital

Answer

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Tags: Accumulated Fund, Net Position, Not-for-profit
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2023

FA – May 2012 – L1 – SB – Q1 – Accounts of Not-for-Profit Entities

Prepare income statement, income and expenditure account, and statement of financial position for a not-for-profit society.

Question

The following details are available from the books of Tops Darts Society:

(iv)
Three people paid life membership fees of N4,000 each. One-tenth of this amount is to be credited to the income and expenditure account each year, while the remaining is treated as prepaid.

(v)
Depreciation on equipment is to be calculated at 20%.

You are required to:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Depreciation, Financial Position, Income Statement, Not-for-profit, Theft
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying what should not be included in the receipts and payments account of a not-for-profit organization.

Question

Which of the following should NOT be included in the Receipts and Payments Account of a Not-for-profit organisation?

A. Annual subscription
B. Salaries and wages
C. General expenses
D. Provision for depreciation
E. Payment for the purchase of landed properties

Answer

Find Related Questions by Tags, levels, etc.

Tags: Depreciation, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2012

FA – Nov 2012 – L1 – SA – Q19 – Accounts of Not-for-Profit Entities

Determining the effect of omitting honorarium from the receipts and payments account.

Question

The effect of omitting honorarium paid to the secretary from the Receipts and Payments Account of a social club is that it overstates the:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounts, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2012

BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

Question

The objective of a not-for-profit organization should be the pursuit of:

A. Cost effectiveness
B. Profit minimization
C. Shareholders’ wealth maximization
D. Value for money
E. Market position

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Effectiveness, Not-for-profit, Value for Money
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

FA – May 2013 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

This question asks for the term used to describe the excess of expenditure over income in an Income and Expenditure Account.

Question

Excess of expenditure over income in an Income and Expenditure Account of a Not-For-Profit Organisation is called:

Answer

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Tags: Income and Expenditure, Not-for-profit
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2013

FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities

This question tests knowledge of the accounting basis used in recording transactions in a not-for-profit organisation.

Question

The accounting basis maintained in recording transactions in the Receipts and Payments account of a Not-For-Profit Organisation is:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2013

FA – Nov 2021 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

This question asks about the treatment of subscription in arrears in a not-for-profit organization.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Multiple Choice, Not-for-profit, Subscription in Arrears
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2021

FA – May 2022 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Interpret what a credit balance on a receipts and payments account indicates for a not-for-profit organization.

Question

A credit balance on a receipts and payments account of a not-for-profit organization indicates that the entity:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cashflow, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2022

FA – Nov 2023 – L1 – SA – Q18 – Accounts of Not-for-Profit Entities

Describe characteristics of not-for-profit organizations.

Question

Which of the following statements accurately describes not-for-profit organisations?

A. Not-for-profit organisations always strive to maximise their revenue and minimize costs to generate a profit
B. Not-for-profit organisations are businesses that focus solely on making a profit and do not have any other objectives
C. Not-for-profit organisations include clubs, societies, charities, hospitals, and government bodies
D. Not-for-profit organisations operate at a level where their income exceeds their costs, similar to a profit-making entity
E. Not-for-profit organisations do not generate any income and solely rely on donations and grants

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Not-for-profit, Organizations
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2023

FA – May 2023 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying the term used for the difference between assets and liabilities in a not-for-profit organization.

Question

The difference between the assets and liabilities of a not-for-profit organisation is called:

A. Net asset

B. Net liability

C. Accumulated fund

D. Working capital

E. Net capital

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accumulated Fund, Net Position, Not-for-profit
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2023

Question Tag: Not-for-profit

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FA – May 2012 – L1 – SB – Q1 – Accounts of Not-for-Profit Entities

Prepare income statement, income and expenditure account, and statement of financial position for a not-for-profit society.

FA – Nov 2012 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying what should not be included in the receipts and payments account of a not-for-profit organization.

FA – Nov 2012 – L1 – SA – Q19 – Accounts of Not-for-Profit Entities

Determining the effect of omitting honorarium from the receipts and payments account.

BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

FA – May 2013 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

This question asks for the term used to describe the excess of expenditure over income in an Income and Expenditure Account.

FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities

This question tests knowledge of the accounting basis used in recording transactions in a not-for-profit organisation.

FA – Nov 2021 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

This question asks about the treatment of subscription in arrears in a not-for-profit organization.

FA – May 2022 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Interpret what a credit balance on a receipts and payments account indicates for a not-for-profit organization.

FA – Nov 2023 – L1 – SA – Q18 – Accounts of Not-for-Profit Entities

Describe characteristics of not-for-profit organizations.

FA – May 2023 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying the term used for the difference between assets and liabilities in a not-for-profit organization.

FA – May 2012 – L1 – SB – Q1 – Accounts of Not-for-Profit Entities

Prepare income statement, income and expenditure account, and statement of financial position for a not-for-profit society.

FA – Nov 2012 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying what should not be included in the receipts and payments account of a not-for-profit organization.

FA – Nov 2012 – L1 – SA – Q19 – Accounts of Not-for-Profit Entities

Determining the effect of omitting honorarium from the receipts and payments account.

BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

FA – May 2013 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

This question asks for the term used to describe the excess of expenditure over income in an Income and Expenditure Account.

FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities

This question tests knowledge of the accounting basis used in recording transactions in a not-for-profit organisation.

FA – Nov 2021 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

This question asks about the treatment of subscription in arrears in a not-for-profit organization.

FA – May 2022 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Interpret what a credit balance on a receipts and payments account indicates for a not-for-profit organization.

FA – Nov 2023 – L1 – SA – Q18 – Accounts of Not-for-Profit Entities

Describe characteristics of not-for-profit organizations.

FA – May 2023 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying the term used for the difference between assets and liabilities in a not-for-profit organization.

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