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Not for profit organisations

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Not for profit organisations

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Ken Garrett.
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    Posts
  • June 4, 2017 at 11:28 am #390154
    complicated
    Member
    • Topics: 110
    • Replies: 210
    • ☆☆☆

    Hello tutor,

    When it comes to substantive procedures for not for profit organisations, can I use the word “general ledger”? Or would substituting “cash book” for “general ledger” be better?

    For example, testing the completeness of income:

    “Trace a sample of income transactions recorded in the daily sales taking file to the general ledger to ensure completeness”

    June 4, 2017 at 12:42 pm #390164
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10583
    • ☆☆☆☆☆

    A general ledger (or nominal ledger) account is the credit side of the dransaction (eg sales or donations). The cash book would be the debit side of the posting. Both sides need some audit work.

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