Not-for-profit organizations

BMIS – Nov 2024 – L1 – Q1b – Types of Organisations

Explain four challenges faced by GDD Ghana as a not-for-profit organisation

Question

GDD Ghana is a not-for-profit and non-partisan organisation established in Ghana to offer various services, including corruption prevention campaigns, environmental protection and election observation. Like any other not-for-profit organisation, GDD Ghana is confronted with numerous challenges in its operations.

Required:
Explain FOUR challenges that come with operating as a not-for-profit organisation.

Answer

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Tags: Challenges, Funding, Non-profit management, Not-for-profit organizations, Operational Issues, Organizational Structure, Political Tagging, Public Perception, Social Impact
Level: Level 1

Topic: Business and Organisational Structure, Business and Organizational Structures and Choices
Series: Nov 2024

FM – May 2021 – L3 – Q3 – Ethical Issues in Financial Management

Discuss non-financial and ethical issues affecting financial objectives and outline financial objectives in not-for-profit organizations.

Question

Question:

a. Discuss and provide examples of the types of non-financial, ethical, and environmental issues that might influence the objectives of companies. Consider the impact of these non-financial, ethical, and environmental issues on the achievement of primary financial objectives such as the maximisation of shareholder wealth. (12 Marks)

b. Discuss generally, the nature of the financial objectives that may be set in a not-for-profit organisation such as a charity or a hospital. (8 Marks)

Answer

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Tags: Environmental Issues, Ethics, Financial Goals, Non-financial objectives, Not-for-profit organizations, Shareholder Wealth
Level: Level 3

Topic: Ethical issues in financial management

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

Question

The following is a summary of the receipts and payments of Surulere Social Club for the period ended October 31, 2019:

Receipts:

Membership subscriptions: N255,000
Donation: N22,500
Income from Christmas party: N12,750
Bar takings: N405,000

Payments:

Rates: N13,500
General expenses: N393,000
Bar purchases: N277,500
Christmas party expenses: N2,500

Other relevant information for the period is as follows:

Item	Nov 1, 2018	Oct 31, 2019
Subscription due	N13,500	N9,000
Subscription paid in advance	N750	N1,500
Rates owing	N6,750	N7,500
Bar inventory	N30,000	N37,500
Club premises (cost N750m)	N300,000	N270,000
Furniture & fittings (cost N150m)	N45,000	N30,000
Bank balance	N24,000	N33,000

Required:

a. The club bar’s statement of profit or loss for the year ended October 31, 2019. (3 Marks)
b. The income and expenditure account for the year ended October 31, 2019. (8 Marks)
c. Statement of financial position as at October 31, 2019. (9 Marks)

(Show workings)
(Total: 20 Marks)

Answer

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Tags: Financial Statements, Income and Expenditure, Not-for-profit organizations, Receipts and Payments, Subscription
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q2 – Financial Statements Preparation

Difference between an income statement and an income and expenditure account.

Question

The difference between an income statement and an income and expenditure account is that:
A. An income and expenditure account is another name for an income statement.
B. An income statement is prepared for a business while an income and expenditure account is prepared for a not-for-profit organization.
C. An income statement is prepared for a business while an income and expenditure account is prepared on a cash flow basis.
D. An income statement is prepared on an accrual basis while an income and expenditure account is prepared on a cash basis.
E. An income statement is prepared for a manufacturing business while an income and expenditure account is prepared for a non-manufacturing business.

Answer

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Tags: Income Statement, Not-for-profit organizations
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2020

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

Question

The following are TRUE about Not-For-Profit Organisations EXCEPT:
A. They exist for purposes other than making profit
B. They operate within the funding and cash available
C. They are wholly or partly funded from non-government sources
D. The operating surplus is retained for the organisation
E. They will aim to operate at a surplus

Answer

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Tags: Accounting, Business Objectives, Not-for-profit organizations
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2016

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

Question

a) Generally, evaluating not-for-profit organisations’ performance is difficult but can be managed when ‘value for money’ criteria is used.
Required:
i) Explain FOUR (4) problems associated with performance measurement of not-for-profit organisations. (6 marks)
ii) Explain the THREE (3) main components of ‘value for money criteria’ and their usefulness to not-for-profit organisations. (6 marks)

Answer

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Tags: Not-for-profit organizations, Performance Measurement, Value for Money
Level: Level 2

Topic: Introduction to management accounting, Performance analysis
Series: MAY 2021

BMIS – Nov 2024 – L1 – Q1b – Types of Organisations

Explain four challenges faced by GDD Ghana as a not-for-profit organisation

Question

Required:
Explain FOUR challenges that come with operating as a not-for-profit organisation.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Challenges, Funding, Non-profit management, Not-for-profit organizations, Operational Issues, Organizational Structure, Political Tagging, Public Perception, Social Impact
Level: Level 1

Topic: Business and Organisational Structure, Business and Organizational Structures and Choices
Series: Nov 2024

FM – May 2021 – L3 – Q3 – Ethical Issues in Financial Management

Discuss non-financial and ethical issues affecting financial objectives and outline financial objectives in not-for-profit organizations.

Question

Question:

b. Discuss generally, the nature of the financial objectives that may be set in a not-for-profit organisation such as a charity or a hospital. (8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Environmental Issues, Ethics, Financial Goals, Non-financial objectives, Not-for-profit organizations, Shareholder Wealth
Level: Level 3

Topic: Ethical issues in financial management

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

Question

The following is a summary of the receipts and payments of Surulere Social Club for the period ended October 31, 2019:

Receipts:

Membership subscriptions: N255,000
Donation: N22,500
Income from Christmas party: N12,750
Bar takings: N405,000

Payments:

Rates: N13,500
General expenses: N393,000
Bar purchases: N277,500
Christmas party expenses: N2,500

Other relevant information for the period is as follows:

Item	Nov 1, 2018	Oct 31, 2019
Subscription due	N13,500	N9,000
Subscription paid in advance	N750	N1,500
Rates owing	N6,750	N7,500
Bar inventory	N30,000	N37,500
Club premises (cost N750m)	N300,000	N270,000
Furniture & fittings (cost N150m)	N45,000	N30,000
Bank balance	N24,000	N33,000

Required:

(Show workings)
(Total: 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Income and Expenditure, Not-for-profit organizations, Receipts and Payments, Subscription
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q2 – Financial Statements Preparation

Difference between an income statement and an income and expenditure account.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Income Statement, Not-for-profit organizations
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2020

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Business Objectives, Not-for-profit organizations
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2016

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Not-for-profit organizations, Performance Measurement, Value for Money
Level: Level 2

Topic: Introduction to management accounting, Performance analysis
Series: MAY 2021

Question Tag: Not-for-profit organizations

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BMIS – Nov 2024 – L1 – Q1b – Types of Organisations

Explain four challenges faced by GDD Ghana as a not-for-profit organisation

FM – May 2021 – L3 – Q3 – Ethical Issues in Financial Management

Discuss non-financial and ethical issues affecting financial objectives and outline financial objectives in not-for-profit organizations.

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

FA – Nov 2020 – L1 – SA – Q2 – Financial Statements Preparation

Difference between an income statement and an income and expenditure account.

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

BMIS – Nov 2024 – L1 – Q1b – Types of Organisations

Explain four challenges faced by GDD Ghana as a not-for-profit organisation

FM – May 2021 – L3 – Q3 – Ethical Issues in Financial Management

Discuss non-financial and ethical issues affecting financial objectives and outline financial objectives in not-for-profit organizations.

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

FA – Nov 2020 – L1 – SA – Q2 – Financial Statements Preparation

Difference between an income statement and an income and expenditure account.

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

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BMIS – Nov 2024 – L1 – Q1b – Types of Organisations

Explain four challenges faced by GDD Ghana as a not-for-profit organisation

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FM – May 2021 – L3 – Q3 – Ethical Issues in Financial Management

Discuss non-financial and ethical issues affecting financial objectives and outline financial objectives in not-for-profit organizations.

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FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

You're reporting an error for "FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities"

FA – Nov 2020 – L1 – SA – Q2 – Financial Statements Preparation

Difference between an income statement and an income and expenditure account.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q2 – Financial Statements Preparation"

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

You're reporting an error for "BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society"

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

You're reporting an error for "MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting"

BMIS – Nov 2024 – L1 – Q1b – Types of Organisations

Explain four challenges faced by GDD Ghana as a not-for-profit organisation

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FM – May 2021 – L3 – Q3 – Ethical Issues in Financial Management

Discuss non-financial and ethical issues affecting financial objectives and outline financial objectives in not-for-profit organizations.

You're reporting an error for "FM – May 2021 – L3 – Q3 – Ethical Issues in Financial Management"

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

You're reporting an error for "FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities"

FA – Nov 2020 – L1 – SA – Q2 – Financial Statements Preparation

Difference between an income statement and an income and expenditure account.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q2 – Financial Statements Preparation"

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

You're reporting an error for "BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society"

MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting

Discuss problems associated with performance measurement of not-for-profit organizations and components of value for money criteria.

You're reporting an error for "MA – May 2021 – L2 – Q1a – Performance analysis, Introduction to management accounting"

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