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Unformatted text preview: profits. Profit oriented organizations have regular sales, purchases and expense accounts where as not for profit have income/expenditure accounts or grants/expenditure accounts. The third difference is in the statements prepared. For profit organizations prepare income statement and balance sheets while not for profit organizations prepare income and expenditure account plus a statement of affairs....
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This note was uploaded on 05/10/2011 for the course STATS 202 taught by Professor Emil during the Spring '11 term at Aberystwyth University.
- Spring '11