Question :
A credit balance of Income and Expenditure for the year shows:
Option 1:
Surplus earned
Option 2:
Deficit incurred
Option 3: Capital fund
Option 4: None of these
Correct Answer:
Solution : A credit balance of Income and Expenditure Account for the year indicates deficit incurred. Hence, the correct option is 2.
General donations are treated as:
Receipts and Payments Account does not include
Which of the following will appear on the asset
Which of the following is not a feature of a
An account akin to Profit and Loss Account in
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