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
Correct Answer:
Solution : Like profit organisation, an NPO makes Income and Expenditure Account to find surplus or deficit. Hence, the correct option is 3.
Receipts and Payments Account does not include
Receipts and Payments Account shows receipts
Which of the following is not a feature of a
A debit closing balance of Receipts and
Which of the following will appear on the debit
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