Accounting for NPOs and Clubs (Grade 11 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the primary purpose of non-profit organisations?
What is the primary purpose of non-profit organisations?
To provide services to members
Which statement do NPOs prepare instead of an Income Statement?
Which statement do NPOs prepare instead of an Income Statement?
Statement of Income and Expenditure
How are membership fees received in advance for next year treated in the current year?
How are membership fees received in advance for next year treated in the current year?
Deducted from current year income
At what price are sales recorded in a trading account for stock items?
At what price are sales recorded in a trading account for stock items?
At cost price
If cost price has 40% mark-up, what is the selling price formula?
If cost price has 40% mark-up, what is the selling price formula?
Cost 1.40
What is an honorarium in NPO accounting?
What is an honorarium in NPO accounting?
Payment to volunteers for services
Where are accrued expenses shown in the Balance Sheet?
Where are accrued expenses shown in the Balance Sheet?
As a current liability
How is accrued income treated in the Statement of Income and Expenditure?
How is accrued income treated in the Statement of Income and Expenditure?
Added to income
What does the Receipts and Payments Statement NOT include?
What does the Receipts and Payments Statement NOT include?
Accruals and prepayments
How is consumable stores expense calculated?
How is consumable stores expense calculated?
Opening Purchases Closing