Accounting (AS)·Non-profit organisations · NSSCAS 3.2.1
Non-profit organisations: the key terms
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Clubs and societies - from a football club in Oshakati to a church choir in Katutura - keep accounts too, but they use their own special words. In this lesson you meet all seven key terms and build the translation table between business language and club language. Paper 1 examiners expect the exact club terms, so this lesson protects easy marks before we prepare the famous subscriptions account in the next lesson.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 3.2.1):
- explain: accumulated fund, subscriptions, surplus, deficit, receipts and payments account, income and expenditure account, life membership
- differentiate between the terminology of a profit and non-profit organisation
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Miss Olivia and Mike talk through the whole topic — with the figure and working drawn live.