Meaning of Not-For-Profit Organisation: B-Com Class

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What is the main difference between a Not-for-Profit Organisation and a business entity?

Not-for-Profit Organisation aims to benefit society, while a business operates for the benefit of owners

Which of the following is NOT an objective of a Not-for-Profit Organisation?

Generating profits for shareholders

How are funds typically sourced by a Not-for-Profit Organisation?

From members, trustees, etc., through donations and membership fees

Which of the following is NOT a common type of Not-for-Profit Organisation?

Hotel

What are some common sources of funds for a Not-for-Profit Organisation?

Receiving grants from the government

Which term refers to the money received by a Not-for-Profit Organisation for its activities?

Donations

Learn about the meaning and concept of not-for-profit organisations in the context of accounting. Understand the differences between not-for-profit and business entities in terms of objectives and operations.

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