Source of Income of Condominiums and Diversification Thereof: Accounting and Classification Profile

Tetyana Monastyrska ()
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Tetyana Monastyrska: Ternopil National Economic University

Oblik i finansi, 2014, issue 3, 59-64

Abstract: Condominium is an organization established by the owners to promote the use of their own property and management, maintenance and use of common and general property. Condominiums in accordance with the laws are non-profit organizations. However, due to the involvement of such entities in the system of market relations, in the structure of their revenues the share of those from non-commercial activities has increased. Thus, along with the increasing complexity of income accounting raised the need of keeping the tax accounting. The article is aimed to establish the peculiarities of reflection of condominiums' income in the accounting records based on the activities implemented by the condominium as a non-profit organization. Classified is the income of condominiums by the possible activities, and existing approaches to display them in accounting are uncovered. Defined are the peculiarities of reflection of the trust funds in the accounting and given are the methodological principles of their reflection in the accounts.

Keywords: condominiums; revenue; target financing; records of income; transit payments; non-commercial activities (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2014
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