Sabur Khan's Notes

In determining the income budget, the committee will need to project income based on the current fundraising and revenue activities. This is also sometimes called a “broad scope budget” or an “annual budget” because it gives you a full picture of what the coming year should look like. A nonprofit operating budget template can help you make sure you’ve hit all the bases. Consider fluctuations in revenue and expenses. Instead of predicting revenue by individual grants or line items, the…

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By offering grants, subsidies, tax incentives, and partnerships, governments help reduce the financial burden on businesses, making it more attractive for them to invest in R&D. Meanwhile, venture capital investments, business incubators, accelerators, and mergers and acquisitions provide companies with essential resources and expertise to bring their innovations to market. R&D allows companies to stay ahead of the competition by catering to new customer demands or market trends. By investing in research and development, businesses can create innovative products and…

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Because each transaction is initially recorded in a journal rather than directly in the ledger, a journal is called a book of original entry. The statement of financial position reports three main sections or elements called assets, liabilities and equity, while the income statement reports two main elements, namely income and expenses. For every financial transaction that is recorded in the accounting system of the company, the amounts of these financial statement elements either increase or decrease depending on the…

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