CXC CSEC Principles of Accounts (POA) exam guide: Section 12: Accounting for Non-trading (Non-profit) Organizations
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CXC CSEC Principles of Accounts Exam Guide Section 12: ACCOUNTING FOR NON-TRADING (NON-PROFIT) ORGANIZATIONS
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SPECIFIC OBJECTIVES The students should be able to: |
CONTENT
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| 1. | Identify types of non-trading ad non-profit organizations; | Non-trading and Non-profit organizations, for example, clubs and societies.
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| 2. |
Outline the differences in accounting procedures for trading and non-trading (non-profit) organizations; |
Accounting procedures for trading and non-trading organizations.
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| 3. | Prepare receipts and payment accounts;
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Preparation of receipts and payments A/c. |
| 4. | Prepare income generating accounts for non-trading organizations;
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Preparation of income generating accounts: subscription A/c; bar/trading A/c; dance A/c.
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| 5. | Distinguish between capital expenditure and revenue expenditure; | Distinction between capital expenditures and revenue expenditure.
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| 6. | Prepare the Income and Expenditure Account; | Preparation of Income and Expenditure Account treating transfer from income generating accounts (deficit/surplus). |
| 7. | Prepare the Balance Sheet; | Preparation of Balance Sheets including calculation of accumulated fund; treatment of deficit or surplus on accumulated fund.
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Fivestar
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