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NPO - Not For Profit Organisations: Subscription and adjustments Video Lecture | Principles and Practice of Accounting - CA Foundation

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FAQs on NPO - Not For Profit Organisations: Subscription and adjustments Video Lecture - Principles and Practice of Accounting - CA Foundation

1. What are not-for-profit organizations (NPOs)?

Ans. Not-for-profit organizations (NPOs) are organizations that are established for purposes other than making a profit. They operate in various sectors such as education, healthcare, social services, and environmental conservation, and their primary goal is to serve the public or a specific cause rather than generating income for their owners or shareholders.

2. How do not-for-profit organizations generate funds?

Ans. Not-for-profit organizations generate funds through various means such as donations, grants, sponsorships, fundraising events, and membership fees. They rely heavily on the support of individuals, corporations, and government agencies to fund their activities and fulfill their mission.

3. What is the importance of subscriptions for not-for-profit organizations?

Ans. Subscriptions play a crucial role in the financial sustainability of not-for-profit organizations. By offering membership or subscription programs, these organizations can secure a steady stream of revenue. Subscriptions can provide a predictable income source, help cover operational costs, and enable organizations to plan and deliver their services effectively.

4. How are subscriptions accounted for in not-for-profit organizations?

Ans. Subscriptions in not-for-profit organizations are typically recognized as revenue over the period for which the subscription is valid. The revenue from subscriptions is recorded in the organization's financial statements and used to support its programs and activities. Any adjustments or cancellations of subscriptions are also reflected in the financial records.

5. Can not-for-profit organizations provide benefits or perks to subscribers?

Ans. Yes, not-for-profit organizations can provide benefits or perks to subscribers as a way to incentivize membership and show appreciation for their support. These benefits can include exclusive access to events, discounts on services or products, newsletters or publications, and recognition in organizational materials. However, it is important for NPOs to ensure that the value of the benefits does not exceed a certain threshold to maintain their tax-exempt status.

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	Nov 23, 2024 Last updated

Video Description: NPO - Not For Profit Organisations: Subscription and adjustments for CA Foundation 2024 is part of Principles and Practice of Accounting preparation. The notes and questions for NPO - Not For Profit Organisations: Subscription and adjustments have been prepared according to the CA Foundation exam syllabus. Information about NPO - Not For Profit Organisations: Subscription and adjustments covers all important topics for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for NPO - Not For Profit Organisations: Subscription and adjustments.

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