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Class 12th : Accountancy - Non Profit Organisation (NPO) : Part - 1 Video Lecture - Commerce

FAQs on Class 12th : Accountancy - Non Profit Organisation (NPO) : Part - 1 Video Lecture - Commerce

1. What is a non-profit organization (NPO)?

Ans. A non-profit organization (NPO) is a type of organization that operates for the benefit of the public, society, or a specific cause rather than for making a profit. These organizations are usually involved in activities such as charity, education, healthcare, and social welfare.

2. How is the accounting process different for non-profit organizations compared to profit-oriented businesses?

Ans. The accounting process for non-profit organizations is different from profit-oriented businesses in several ways. Non-profit organizations focus on providing services rather than generating profits, so they have different financial goals and reporting requirements. They use fund accounting, where funds are categorized based on their purpose, and financial statements are prepared accordingly.

3. Are non-profit organizations exempt from taxes?

Ans. Non-profit organizations can be exempt from certain taxes if they meet the criteria set by the tax authorities in their respective countries. In many countries, non-profit organizations that are registered as charitable or educational institutions may enjoy tax exemptions on their income, property, or sales taxes. However, the specific tax exemptions and requirements vary depending on the country and its tax laws.

4. How do non-profit organizations raise funds?

Ans. Non-profit organizations raise funds through various means, such as donations from individuals, corporations, and foundations. They may also organize fundraising events, apply for grants, receive government funding, or engage in crowdfunding campaigns. Additionally, some non-profit organizations generate revenue through fee-based services, such as membership fees or program fees.

5. How is the financial performance of non-profit organizations evaluated?

Ans. The financial performance of non-profit organizations is evaluated through financial statements, such as the statement of activities (income statement) and the statement of financial position (balance sheet). These statements provide information about the organization's revenues, expenses, assets, liabilities, and net assets. Additionally, non-profit organizations are often assessed based on their ability to meet their mission, deliver services, and manage their resources effectively.

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Sep 24, 2025 Last updated

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