Accounting · Not-for-Profit Organizations
A donation received by a Not-for-Profit Organization for a specific purpose should be:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Credited to a separate special fund account and shown on the liabilities side of the Balance Sheet✓
- 2Credited directly to the Income & Expenditure Account as routine income
- 3Debited to the Capital Fund account in the Balance Sheet
- 4Disclosed only as a footnote in the financial statements without financial recording
Correct answer
Credited to a separate special fund account and shown on the liabilities side of the Balance Sheet
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