Non-Profit Organisations & Clubs (Grade 11 NSC Matric Accounting): Flashcards
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Practise the cards
10 cards from this deck
NPO definition
NPO definition
Organisations that provide services, not make profits
NPO management structure
NPO management structure
Management committee
Three main NPO income sources
Three main NPO income sources
Membership fees, donations, fundraising activities
Two NPO financial statements
Two NPO financial statements
Receipts & Payments; Income & Expenditure statements
Membership fees
Membership fees
Regular amounts members pay to belong to organisation
Accrued income (membership fees)
Accrued income (membership fees)
Fees owed but not paid; income for current period
Income received in advance
Income received in advance
Money received for services to be provided next period
Trading account purpose
Trading account purpose
Tracks transactions for specific items bought and sold
Honorarium
Honorarium
Payment to volunteers who provide services to the NPO
Receipts & Payments vs Income & Expenditure
Receipts & Payments vs Income & Expenditure
Cash only vs includes accruals and adjustments