Learner's spot

Image source - by google images   Meaning Accounting records that are not maintained according to the Double Entry System are known as Accounts from Incomplete Records or Single Entry System of Accounting . It is an incomplete double entry system varying with circumstances. Key Points: ·     Incomplete Records: It is a system of recording business transactions. In some of the transactions, both aspects are recorded; while in other on aspect is recorded or it is not recorded at all. ·    Statements of Affairs: It is a statement of Assets and Liabilities. The difference between the two sides represents the proprietor’s (owner) capital. ·     Capital: Amount invested by the owner. ·     Drawings: Money or goods taken by the proprietor from the business for his/her personal use. Ascertaining Profit under the Single Entry System: 1.        Statements of Affairs Method 2.        Conversion method Net Worth Method or Statement of Affairs Method A Statements

Image source - by google images Meaning and Concept Not-for-profit organization also known as non-profit organization, it refers to those organizations that are set up for the society and are set up as charitable institution which function without any profit motive. Non-profit organization is separate legal entity not owned by any individual or an enterprise. Examples of non-profit organizations are clubs, hospitals, schools, societies for promotion of sports art and culture. Characteristics or Features of Not-For-Profit Organization: Entity: Not-for-profit organization is a separate legal entity promoted by individuals or enterprises. Services: Not-for-profit organization is established for welfare and service of the society and its members. Form: It is set up by charitable society, trust or club, etc., with the main objective of rendering social, educational, charitable or religious services. No profit motive: Not-for-profit organization does not function with the o