CXC CSEC Principles of Accounts (POA) exam guide: Section 12: Accounting for Non-trading (Non-profit) Organizations



CXC CSEC Principles of Accounts Exam guide: Section 12: ACCOUNTING FOR NON-TRADING (NON-PROFIT) ORGANIZATIONS

CXC CSEC Principles of Accounts Exam Guide

Section 12: ACCOUNTING FOR NON-TRADING (NON-PROFIT) ORGANIZATIONS


SPECIFIC OBJECTIVES

The students should be able to:

CONTENT
1. Identify types of non-trading ad non-profit organizations; Non-trading and Non-profit organizations, for example, clubs and societies.

2.

Outline the differences in accounting procedures for trading and non-trading (non-profit) organizations;

Accounting procedures for trading and non-trading organizations.

3. Prepare receipts and payment accounts;

Preparation of receipts and payments A/c.

 

4. Prepare income generating accounts for non-trading organizations;

Preparation of income generating accounts: subscription A/c; bar/trading A/c; dance A/c.

5. Distinguish between capital expenditure and revenue expenditure;

 

Distinction between capital expenditures and revenue expenditure.

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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