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Tamil Nadu Board of Secondary EducationHSC Commerce Class 12

State the meaning of not-for-profit organisation. - Accountancy

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Question

State the meaning of not-for-profit organisation.

Short Note

Solution

Some organisations are established for the purpose of rendering services to the public without any profit motive. They may be created for the promotion of art, culture, education and sports, etc. These organisations are called not-for-profit organisation.

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Accounts of Not–For–Profit Organisation
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Chapter 2: Accounts of not–for–profit organisation - Very short answer questions [Page 70]

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Samacheer Kalvi Accountancy [English] Class 12 TN Board
Chapter 2 Accounts of not–for–profit organisation
Very short answer questions | Q II 1. | Page 70
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