NONPROFIT ACCOUNTING
\nˌɒnpɹˈɒfɪt ɐkˈa͡ʊntɪŋ], \nˌɒnpɹˈɒfɪt ɐkˈaʊntɪŋ], \n_ˌɒ_n_p_ɹ_ˈɒ_f_ɪ_t ɐ_k_ˈaʊ_n_t_ɪ_ŋ]\
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The accounting practice for non profit organizations which are exempted from taxes. Under the IRS tax code, charities, civic leagues, hospitals and various other organizations quality for tax exemption status. A measure of accountability versus profitability is determined by government organizations through the use of fund accounting.
By Henry Campbell Black
