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Explain the main difference between the financial of non-profit - oriented organizations and of profit - oriented organizations

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1.Instead of a cashbook, the clubs will maintain a receipts and payments which has similar entries to those of a cashbook.
2.Instead of profit and loss account, we have an income and expenditure account.
3.Because the club is not formed by any one owner (has no owner), it is funded by members’ contributions, donations, income from investments to get an accumulated fund instead of capital.

Titany answered the question on December 14, 2021 at 07:37

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Next: Beta Ltd is reviewing the financial statements of two companies, Zeta Ltd and Omega Ltd. The companies trade as wholesalers, selling electrical goods to retailers...

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