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 – Nov 2019 – L1 – SA – Q16 – Accounts of Not-for-Profit Entities-

Identify what represents members’ interest in a society or club.

Question

Which of the following represents members’ interest in a Society or Club?

A. Recurrent fund
B. General reserve
C. Working capital fund
D. Unwinding fund
E. Accumulated fund

Answer

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Tags: Accumulated Fund, Members’ Interest, Not-for-profit
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2019

MI – May 2016 – L1 – SA – Q3 – Cost Classifications

Identify which characteristic is not true for not-for-profit organizations.

Question

Which of the following is similar to accounting for scrap value of abnormal gain?

A. Accounting for scrap value of abnormal loss
B. Accounting for scrap value of normal loss
C. Accounting for scrap value of normal gain
D. Accounting for scrap value of by-products
E. Accounting for scrap value of joint products

Answer

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Tags: Cost Elements, Managerial Accounting, Not-for-profit
Level: Level 1

Topic: Cost Classifications
Series: MAY 2016

FA – May 2016 – L1 – SB – Q2 – Accounts of Not-for-Profit Entities

Preparing bar trading account, income and expenditure account, and financial position for ABUBA Social Club for March 31, 2016.

Question

The following is a summary of the receipts and payments for the year to March 31, 2016 of ABUBA Social Club:

Receipts:

Description	N’000
Club subscriptions	255,000
Donation	22,500
Christmas dance	12,750
Bar takings	405,000

Payments:

Description	N’000
Rates	13,500
General expenses	393,000
Bar purchases	277,500
Christmas dance expenses	2,250

Other relevant information at the beginning and end of the year is as follows:

Details	April 1, 2015 (N’000)	March 31, 2016 (N’000)
Subscriptions due	13,500	9,000
Subscriptions paid in advance	750	1,500
Rates owing	6,750	7,500
Bar inventory	30,000	37,500
Club premises (cost N750,000,000)	300,000	270,000
Furniture (cost N150,000,000)	45,000	30,000
Bank balance	24,000	33,000

You are required to prepare:
a. Club’s Bar Trading Account for the year ended March 31, 2016. (3 Marks)
b. The Income and Expenditure Account for the year ended March 31, 2016. (8 Marks)
c. The Statement of Financial Position as at March 31, 2016. (9 Marks)

Answer

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Tags: Bar Trading, Club Accounts, Financial Statements, Income and Expenditure, Not-for-profit, Statement of Financial Position
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2016

FA – May 2016 – L1 – SA – Q13 – Accounts of Not-for-Profit Entities

A question on identifying the excess of expenditure over income in a not-for-profit organization.

Question

The excess of expenditure over income in a Not-for-Profit organization is:
A. Accumulated fund
B. Working capital
C. Deficit
D. Surplus
E. Accruals

Answer

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Tags: Deficit, Expenditure, Not-for-profit
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2016

BMIS – May 2021 – L1 – Q1a – The business organisation and its stakeholders

Explain five challenges that come with operating as a not-for-profit organization.

Question

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

Required:
Explain FIVE (5) challenges that come with operating as a not-for-profit organization.

Answer

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Tags: Expertise Attraction, Funding, Not-for-profit, Political Tagging, Public Perception
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: MAY 2021

FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts

Calculation of Accumulated Fund, preparation of Subscription Account, Income and Expenditure Account, and Statement of Financial Position for a not-for-profit organization.

Question

The Dabi Golf Club prepares its accounts annually on 31st March. The Receipts and Payments Account for the year ended 31st March 2016 was as follows:

	GHȼ	GHȼ
Balance b/d	2,900
Subscriptions received	70,800
Competition receipts	12,000
Dinner dance ticket sales	13,000
Donations	1,000
Sale of equipment	25,000

Competition prizes		2,800
Groundkeepers’ wages		14,000
Dinner dance expenses		6,800
Insurance		9,200
Equipment purchases		40,000
General expenses		30,100
Electricity		1,400
Balance c/d		20,400

	124,700	124,700

The following additional information is available:

i) The remaining assets and liabilities of the Club at the beginning and end of the year were:

	1st April 2015 (GHȼ)	31st March 2016 (GHȼ)
Clubhouse	130,000	130,000
Equipment	140,000	120,000
Electricity owing	400	200
Subscriptions due and unpaid	2,500	2,900
Subscriptions paid in advance	6,200	4,100
Stock of competition prizes	600	200

ii) During the year equipment with a book value of GHȼ30,000 was sold for GHȼ25,000. iii) Of the subscriptions due on 1st April 2015, GHȼ220 remains unpaid. This is to be treated as an irrecoverable debt.

Required:

a) Calculate the Accumulated Fund on 1st April 2015. (3 marks)

b) Prepare the Subscription Account for the year ended 31st March 2016. (4 marks)

c) Prepare: i) the Income and Expenditure Account for the year ended 31st March 2016

ii) Statement of Financial Position as at 31st March 2016. (13 marks)

Answer

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Tags: Financial Position, Income and Expenditure Account, Not-for-profit, Receipts and Payments Account
Level: Level 1

Topic: Preparation of not-for-profit accounts
Series: NOV 2016

FA – Nov 2015 – L1 – Q2 – Preparation of not-for-profit accounts | The IASB’s Conceptual Framework

Define IFRS Foundation, list its objectives, and prepare accounting statements for a not-for-profit club.

Question

(a) What is International Financial Reporting Standard (IFRS) foundation? Mention two (2) objectives of the foundation. (5 marks)

(b) The following information relates to “God will Provide” Youth Club for the accounting period of 2014.

Subscription owing for 2014: GH¢40,000
Payable for End of Year Party: GH¢1,500
Payables for Repairs – Equipment: GH¢1,000
Payables for Repairs – Vehicle: GH¢2,000

Payments:

Vehicle running Expenses: GH¢6,000
Electricity Expenses: GH¢3,000
End of Year Party Expenses: GH¢10,000
Salaries and Wages: GH¢25,000
Printing and Stationery: GH¢3,000
Cleaning Expenses: GH¢6,000

Receipts:

Car Park Renting: GH¢10,000
Sales of Party Tickets: GH¢6,000
Donation from friends of the club: GH¢15,000

Subscription Received:

2013: GH¢6,000
2014: GH¢30,000

Additional Information:
i. Cash in hand as at 01/01/14: GH¢18,000
ii. Subscription owing as at 01/01/14: GH¢8,000
iii. Any subscription outstanding is written off in the following year if it is not paid.

You are required to prepare:
i. Receipts and Payments Account for the year ended 31st December, 2014 (5 marks)
ii. Subscription Account (3 marks)
iii. Income and Expenditure for the year ended 31st December, 2014 (7 marks)

Answer

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Tags: Accounting Statements, Financial Reporting, IFRS Foundation, Not-for-profit, Objectives
Level: Level 1

Topic: Preparation of not-for-profit accounts, The IASB’s Conceptual Framework
Series: NOV 2015

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.

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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.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities"

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

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

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q19 – Accounts of Not-for-Profit Entities"

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.

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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.

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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.

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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.

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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.

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

Describe characteristics of not-for-profit organizations.

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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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FA – Nov 2019 – L1 – SA – Q16 – Accounts of Not-for-Profit Entities-

Identify what represents members’ interest in a society or club.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q16 – Accounts of Not-for-Profit Entities-"

MI – May 2016 – L1 – SA – Q3 – Cost Classifications

Identify which characteristic is not true for not-for-profit organizations.

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FA – May 2016 – L1 – SB – Q2 – Accounts of Not-for-Profit Entities

Preparing bar trading account, income and expenditure account, and financial position for ABUBA Social Club for March 31, 2016.

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FA – May 2016 – L1 – SA – Q13 – Accounts of Not-for-Profit Entities

A question on identifying the excess of expenditure over income in a not-for-profit organization.

You're reporting an error for "FA – May 2016 – L1 – SA – Q13 – Accounts of Not-for-Profit Entities"

BMIS – May 2021 – L1 – Q1a – The business organisation and its stakeholders

Explain five challenges that come with operating as a not-for-profit organization.

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FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts

Calculation of Accumulated Fund, preparation of Subscription Account, Income and Expenditure Account, and Statement of Financial Position for a not-for-profit organization.

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FA – Nov 2015 – L1 – Q2 – Preparation of not-for-profit accounts | The IASB’s Conceptual Framework

Define IFRS Foundation, list its objectives, and prepare accounting statements for a not-for-profit club.

You're reporting an error for "FA – Nov 2015 – L1 – Q2 – Preparation of not-for-profit accounts | The IASB’s Conceptual Framework"

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