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DAV PUBLIC SCHOOL, HU DCO BHILAI SUBJECT ACCOUNTANCY (055) CLASS All MCQ/ OBJECTIVE TYPE QUESTION ANSWERS (1 mark): UNIT 1 Financial Statement of Not For Profit Organizations True / false 1. Billiard

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How to fill out financial statement of npo

01

Gather all financial records of the NPO including income statements, balance sheets, and cash flow statements.

02

Clearly list all sources of income including donations, grants, and fundraising.

03

Detail all expenses incurred by the NPO including salaries, operating costs, and any program expenses.

04

Calculate the net income or loss for the NPO by subtracting expenses from income.

05

Prepare any required financial disclosures or notes to accompany the financial statement.

Who needs financial statement of npo?

01

Potential donors to assess the financial health and sustainability of the NPO.

02

Government agencies for compliance and reporting purposes.

03

Board members and stakeholders to make informed decisions about the NPO's operations.

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What is financial statement of npo?

Financial statement of NPO is a formal record of the financial activities and position of a non-profit organization.

Who is required to file financial statement of npo?

Non-profit organizations are required to file financial statements.

How to fill out financial statement of npo?

Financial statements of NPOs can be filled out by following accounting guidelines and principles specific to non-profit organizations.

What is the purpose of financial statement of npo?

The purpose of financial statements of NPOs is to provide stakeholders with information about the financial performance and position of the organization.

What information must be reported on financial statement of npo?

Financial statements of NPOs typically include information on assets, liabilities, revenues, expenses, and cash flows.

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