• 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

Back to all questions
online
Knowsia AI Assistant

Conversations

Knowsia AI Assistant

Pick a Form

Professional Tutor Application Form
Academic Tutor Application Form
Student Tutor Application Form