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This a MCQ (Multiple Choice Question) based practice test of Chapter 9 - Financial Statements of Non-Profit Organization of Accountancy of Class XI (11) for the quick revision/preparation of School Board examinations
Q All revenues and expenses of a Non-profit organisation are reported on its statement of
- a)Report
- b)Activities
- c)Both
- d)None
Correct answer is option 'B'. Can you explain this answer?
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This a MCQ (Multiple Choice Question) based practice test of Chapter 9...
Statement of Activities for Non-profit Organisations
A statement of activities is a financial statement that reports the revenues and expenses of a non-profit organisation over a specific period. This statement is also known as the income statement or profit and loss statement for non-profit organisations. The statement of activities shows how the organisation's resources have been used to achieve its mission.
Revenues and Expenses
Non-profit organisations do not have owners, so they do not have profits. Instead, they have revenues and expenses. Revenues for non-profit organisations come from grants, donations, membership fees, and other sources. Expenses include salaries, rent, utilities, supplies, and other costs associated with running the organisation.
Reporting on the Statement of Activities
The statement of activities reports all the revenues and expenses of the non-profit organisation. The revenues are listed first, followed by the expenses. The difference between the two is reported as either a surplus or a deficit. A surplus means that the organisation had more revenues than expenses, while a deficit means that the organisation had more expenses than revenues.
The statement of activities is an essential financial statement for non-profit organisations. It provides information about the organisation's financial health, including its ability to generate revenue and manage expenses. The statement of activities also helps stakeholders understand how the organisation's resources are being used to achieve its mission.
Conclusion
In conclusion, the statement of activities is a financial statement that reports the revenues and expenses of a non-profit organisation. It is an essential tool for understanding the financial health of the organisation and how its resources are being used to achieve its mission. All revenues and expenses of a non-profit organisation are reported on its statement of activities.
A statement of activities is a financial statement that reports the revenues and expenses of a non-profit organisation over a specific period. This statement is also known as the income statement or profit and loss statement for non-profit organisations. The statement of activities shows how the organisation's resources have been used to achieve its mission.
Revenues and Expenses
Non-profit organisations do not have owners, so they do not have profits. Instead, they have revenues and expenses. Revenues for non-profit organisations come from grants, donations, membership fees, and other sources. Expenses include salaries, rent, utilities, supplies, and other costs associated with running the organisation.
Reporting on the Statement of Activities
The statement of activities reports all the revenues and expenses of the non-profit organisation. The revenues are listed first, followed by the expenses. The difference between the two is reported as either a surplus or a deficit. A surplus means that the organisation had more revenues than expenses, while a deficit means that the organisation had more expenses than revenues.
The statement of activities is an essential financial statement for non-profit organisations. It provides information about the organisation's financial health, including its ability to generate revenue and manage expenses. The statement of activities also helps stakeholders understand how the organisation's resources are being used to achieve its mission.
Conclusion
In conclusion, the statement of activities is a financial statement that reports the revenues and expenses of a non-profit organisation. It is an essential tool for understanding the financial health of the organisation and how its resources are being used to achieve its mission. All revenues and expenses of a non-profit organisation are reported on its statement of activities.
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This a MCQ (Multiple Choice Question) based practice test of Chapter 9...
Activities
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This a MCQ (Multiple Choice Question) based practice test of Chapter 9- Financial Statements of Non-Profit Organization of Accountancy of Class XI (11) for the quick revision/preparation of School Board examinationsQ All revenues and expenses of a Non-profit organisation are reported on its statement ofa)Reportb)Activitiesc)Bothd)NoneCorrect answer is option 'B'. Can you explain this answer?
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