ZIMSEC O-Level Principles of Accounting
16Not for Profit Making Organisations (Non-Trading Concerns)
Overview
Form 2: key terms, receipts and payments accounts, income and expenditure accounts and statements of financial position. Form 4: sources of income, subscriptions accounts, missing figures and trading accounts of profit-making projects.
Learning objectives
What the syllabus expects you to be able to do.
- 16.1Form 2: define surplus, deficit, accumulated fund and subscriptions, and draw up receipts and payments accounts.
- 16.2Form 2: prepare simple income and expenditure accounts and statements of financial position.
- 16.3Form 4: state sources of income, construct subscriptions accounts with adjustments and deduce missing figures.
- 16.4Form 4: compile trading accounts for profit-making projects and prepare income and expenditure accounts and statements of financial position.
Lessons
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Club subscriptions and revenue-generating activities
40 min
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Clubs and societies: the receipts and payments account
30 min
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Income and expenditure accounts and the club statement of financial position
45 min
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Sample question
A sample question on this topic. Answer it, check it, then read the worked answer.
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