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Question
Fund Based Accounting is classified under:
(i) Unrestricted funds
(ii) Fixed assets funds
(iii) Restricted funds
(iv) Annuity funds
Options
(i), (ii), (iii)
(i), (iii), (iv)
(ii), (iii), (iv)
(i), (ii), (iii), (iv)
MCQ
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Solution
(i), (ii), (iii), (iv)
Explanation:
In the case of Not-for-Profit Organisations, funds may be classified as:
(i) Unrestricted Fund
(ii) Restricted Fund
(iii) Government Grant
(iv) Endowment Fund
(v) Annuity Fund
(vi) Loan Fund
(vii) Fixed Assets Fund
(viii) Prize Fund
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