Match each type of non-profit organization receipt on the left with its appropriate accounting treatment on the right.
- Specific donation received for constructing a club houseCredited directly to a special Building/Capital Fund in the Statement of Financial Position
- General annual donation received for running daily operational activitiesCredited in full to the Income and Expenditure Account as revenue income
- Entrance fees received where club constitution requires 70% capitalizationApportioned between the Statement of Financial Position (70%) and Income and Expenditure Account (30%)
- Unrestricted legacy received from a deceased member's estateCredited directly to the Accumulated Fund as a capital receipt
Cevap
Specific donations are credited directly to a special Building/Capital Fund in the Statement of Financial Position; general donations are credited in full to the Income and Expenditure Account; entrance fees subject to a 70% capitalization clause are split between the Statement of Financial Position (70%) and Income and Expenditure Account (30%); and unrestricted legacies are credited directly to the Accumulated Fund.
Specific donations create a capital fund liability for long-term projects; general donations fund current operations; entrance fees governed by policy are split according to constitutional percentages; and legacies are non-recurring bequests added directly to the Accumulated Fund.
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Anahtar Kavram
Classification and Accounting Treatment of Non-Profit Receipts