Embedded Files
1 & 2. Not for profit organisation & Income of NPOs
1-1 Terminology, formats and concepts [O]
1-1 Terminology, formats and concepts [O]
1-2 Recognition & Measurement [O]
1-2 Recognition & Measurement [O]
1-3 Financial Statements & Fund Accounting [R]
1-3 Financial Statements & Fund Accounting [R]
2-1 Contribution (Income / receivable/ non-cash) [R]
2-1 Contribution (Income / receivable/ non-cash) [R]
2-2 Membership Fee [O]
2-2 Membership Fee [O]
2-3 Government Funding [O]
2-3 Government Funding [O]
2-4 Revenue Recognition: Deferral Method [R]
2-4 Revenue Recognition: Deferral Method [R]
3. Inventories and non-current assets
3-1 Inventories [O]
3-1 Inventories [O]
3-2 Collections [O]
3-2 Collections [O]
3-3 Property, plant & Equipment [O]
3-3 Property, plant & Equipment [O]
4. Preparation of financial statements
4-1 Statement of Financial Position [O]
4-1 Statement of Financial Position [O]
4-2 Statement of Income and Expenditure [R]
4-2 Statement of Income and Expenditure [R]
4-3 Statement of changes in net assets [R]
4-3 Statement of changes in net assets [R]
4-4 Q&A Professional Sports Club [R]
4-4 Q&A Professional Sports Club [R]
4-5 Q&A Peshawar Business Club [X]
4-5 Q&A Peshawar Business Club [X]
Note for students:
Applying ASNPO, it would be better to present income and expenses of Annual Dinner event separately (as presented in ICAP study text).
4-5 Q&A Nawabsher Youth Movement [X]
4-5 Q&A Nawabsher Youth Movement [X]
Note for students:
Applying ASNPO, it would be better to present income and expenses of Dance event separately (as presented in ICAP study text).
4-6 Q&A Sehat Club [X]
4-6 Q&A Sehat Club [X]
Note for students:
Applying ASNPO, the correct treatment for donation/contribution for equipment would be to include it in liabilities (as presented in study text) rather than including it as income.
5. Comprehensive examples
5-1 Q&A Giltan Golf Club [X]
5-1 Q&A Giltan Golf Club [X]
Note for students:
Applying ASNPO, it would be better to present income and expenses of fundraising separately (as presented in ICAP study text).
5-2 Q&A Gulshan Cricket Club [X]
5-2 Q&A Gulshan Cricket Club [X]
5-3 Q&A AB Sports and Social Club [R]
5-3 Q&A AB Sports and Social Club [R]
5-4 Q&A Monarch Sports Club [X]
5-4 Q&A Monarch Sports Club [X]
Note for students:
Applying ASNPO, it would be better to present income and expenses of Competition event separately (as presented in ICAP study text).
5-5 Q&A LH Sports Club [X]
5-5 Q&A LH Sports Club [X]
Correction:
In accordance with ASNPO, the initial member contribution of Rs. 98,000 (for premises and equipment) should be presented as liability outside non-current assets, an amortisation to I&E should also be made.
5-6 Q&A Leisure Club (ICAP Spring 2017) [I]
5-6 Q&A Leisure Club (ICAP Spring 2017) [I]
Query: sir kion ke requirement bhi nahi thi sofp ki comparative fig ki to aisa ho sakta hai ke pehle total of funds and liabilities likh lain aur as a balancing figure acc funds find out kar lain
Response: The marking scheme included 0.5 separate marks for calculating accumulated fund properly. We suggest to determine accumulated fund through comparative because that ensures that answer is really tally (taking balancing figure from current year would not ensure that.)
5-7 Q&A Seaview Club (ICAP Spring 2016) [I]
5-7 Q&A Seaview Club (ICAP Spring 2016) [I]
Query: Sir, in seaview club qs we took joining fee to income directly while in Oracle Family Club we are presenting it as a fund, why? In both qs there are no further details relating to joining fee.
Response: It all is based on question data:
1. In Oracle Family Club question, Joining fee was received but not included in income, so we naturally assumed that it is deferred (either as liability or as fund)[same as ICAP suggested answer].
2. In Seaview Club, question did not mention anything about deferring, so we included all in income [same as ICAP suggested answer].
5-8 Q&A Chongtar Int'l Hospital | ICAP Spring 2020 (Amended) [R]
5-8 Q&A Chongtar Int'l Hospital | ICAP Spring 2020 (Amended) [R]
Note for students:
Applying ASNPO, it is advised to present Burns Ward contribution as non-current liability rather than as special fund.
Further, deferred contribution of equipment is better presented separately into current and non-current (as in Study Text).
5-9 Q&A Moderna Sports Club (ICAP Spring 2021) [R]
5-9 Q&A Moderna Sports Club (ICAP Spring 2021) [R]
5-10 Q&A Cereus Golf Club | ICAP Autumn 2021 [R]
5-10 Q&A Cereus Golf Club | ICAP Autumn 2021 [R]
Note for students:
Applying ASNPO, the repair and maintenance of golf course and related amortisation of deferred donations should be included separately in income and expenditure both at Rs. 2,800 (000). Although, it would not affect the Surplus.
Further, donation for repair of golf course should be presented as liability (as in Studty Text) rather than as special fund.
5-11 Q&A Violen Family Club (ICAP Spring 2019) [X]
5-11 Q&A Violen Family Club (ICAP Spring 2019) [X]
Note for students:
It is better to present life membership bifurcated as current liability of Rs. 228(000) and non-current liability of Rs. 1,608(000) instead of presenting cumulative Rs. 1,836(000) as life membership fund.
5-12 Q&A Mahtab Welfare Hospital (ICAP Spring 2022) [I]
5-12 Q&A Mahtab Welfare Hospital (ICAP Spring 2022) [I]
5-13 Q&A Oracle Family Club (ICAP Autumn 2022) [I]
5-13 Q&A Oracle Family Club (ICAP Autumn 2022) [I]
Note for students:
It is better to present deferred joining fee as liability rather than as fund.
Query: Sir, in seaview club qs we took joining fee to income directly while in Oracle Family Club we are presenting it as a fund, why? In both qs there are no further details relating to joining fee.
Response: It all is based on question data:
1. In Oracle Family Club question, Joining fee was received but not included in income, so we naturally assumed that it is deferred (either as liability or as fund)[same as ICAP suggested answer].
2. In Seaview Club, question did not mention anything about deferring, so we included all in income [same as ICAP suggested answer].
5-14 Q&A Aztec Sports Club (ICAP Spring 2023) [I]
5-14 Q&A Aztec Sports Club (ICAP Spring 2023) [I]
5-15 Q&A Gemini Club (ICAP Spring 2024) [O]
5-15 Q&A Gemini Club (ICAP Spring 2024) [O]
6. Objective Based Q&A
6-1 MCQs 1 to 31 (Compilation) [O]
6-1 MCQs 1 to 31 (Compilation) [O]
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