• 1 Marks

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.

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

Cash Basis

Explanation:
Receipts and Payments accounts in Not-For-Profit Organisations use the cash basis of accounting, where transactions are recorded when cash is received or paid

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