Kenya | |||||
Income & Expenditure Account for Non Profit Entities |
|||||
id : 75 cat : Accounting | |||||
For NGO statement of cash flow, which word can you use in place of 'surplus (deficit) ? |
|||||
Asked by : Floice Anyango
DOQ : 2016-09-02 12:16:00 |
|||||
Answer |
|||||
NGO Statement of Cashflows : CPA Floice I presume you are using the INDIRECT method of drawing your statement. To avoid the term surplus/deficit you may use the terms Excess (Deficiency) of Income over Expenditure. |
|||||
Answered by : John Muiruri
DOA : 2016-09-07 |
|||||
Comments | |||||
NGO Accounting : .Excess (deficiency) of Revenue over Expenditure. Technically an NGO should not have more income reported than expenditure.. Why? Because the "excess" may be transferred to deferred income as a liability. Alternatively once all expenses
John Muiruri 2016-09-08 06:35:00
|
|||||
Shortfall
Njenga Moses 2016-09-02 14:22:00
|
|||||
I was told at a seminar to avoid using such. It would mean that we need to pay taxes on that yet we are not in a profit making business
Floice Anyango 2016-09-02 14:05:00
|
|||||
The same words are used
Kenneth Karani 2016-09-02 13:40:00
|
|||||
0 |
Under the conventional and agreed practice all the world, and from the books already published, we have two sets of businesses. Non-profit organizations and profit making organizations. ALL NGOs fall under the first category. In accounting what is profit
|
|||
votesDOWN :
0 votesUP : 0
: Samuel Ngicho DOA 2016-09-03 07:33:00 |
||||