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
Answer (1)
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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