Accounting For Not For Profit Organisation

State the meaning of ‘Not - for - Profit’ Organisations.

Expert Solution

Organisations that are established with the aim of providing services to society and not profit earning are called as Not-for-profit Organisations (NPO). Some organisations that come under NPO are hospitals, religious organisations and trade unions. An NPO earns income from life membership fees, subscriptions, grants, donations etc. Simply "Not-for-profit organizations" are types of organizations that do not earn profits for its owners. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization's objectives and keeping it running.

Organisations that are established with the aim of providing services to society and not profit earning are called as Not-for-profit Organisations

Ajay Kumar Gupta answered 3 years ago

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