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Question :

An account akin to Profit and Loss Account in profit organisation is:

Option 1:

Receipts and Payments Account

Option 2:

Trading Account

Option 3:

Income and Expenditure Account

Option 4: General Fund Account


Team Careers360 8th Jan, 2024
Answer (1)
Team Careers360 14th Jan, 2024

Correct Answer:

Income and Expenditure Account


Solution : Like profit organisation, an NPO makes Income and Expenditure Account to find surplus or deficit. Hence, the correct option is 3.

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