How well do you know your charity accounts?(Part 1)

The aim of this quiz is for you to find out some important information which I believe will help you especially if you are a trustee of a charitable organisation. If you are not sure of the answers you can email me or discuss with someone in your organisation that deals with the finance.

1. When does the organisation’s financial year end?

2. What accounting software does the organisation use?

3. Are your accounts prepared on cash or accruals basis?

4. What is the difference between cash accounting and accruals accounting

5. What will be the effect if expenses are given to the finance team after the management accounts have been approved?

6. What is the value of an item of equipment to be treated as a Fixed Asset instead of expenditure in the accounts?

7. What is the organisation’s reserves policy

8. Does your organisation have independent examination or audit?

9. How often are management accounts prepared?

10. What do the following stand for?

a. FCR

b. SOFA

c. SORP

d. TB

Do let me know how you got on with this Quiz and if you are not too sure of any of the answers to email us- info@gennyjonestraining.com