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Understand terminology relating to not for profit organisations
Define the term ‘not for profit’ and identify the forms in which such an organisation is likely to operate.
Identify and explain accounting terms used specifically in accounting for not for profit organisations
Understand the purpose of a receipts and payments account
Explain the use of a receipts and payments account in accounting for not for profit organisations
Explain the limitations of a receipts and payments account
Understand the function of financial statements prepared for a not for profit organisation
Explain the function of the financial statements prepared on behalf of a not for profit organisation