The capital of not-for-profit-making organization is referred to as?

Assessment: JAMB UTME - Principles of Accounts - 2011 Subject: Financial Accounting

Question 1 Report

The capital of not-for-profit-making organization is referred to as?
Answer Details
In a not-for-profit organization, the capital is referred to as the "accumulated fund." This is because the aim of such organizations is not to make profits but to achieve a particular social or charitable objective. Therefore, any excess of income over expenses, instead of being distributed as profit to owners or shareholders, is kept and accumulated to support the organization's objectives. This accumulated fund is used to support the organization's activities and to ensure its sustainability over time.
Read lesson note on Accounts Of Not-for-profit Making Organizations (WAEC)
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