Question : In an Income and Expenditure Account, excess of credit implies:
Option 1: Surplus
Option 2: Deficit
Option 3: Closing bank balance
Option 4: Closing bank overdraft
Answer (1)
19th Jan, 2024
Correct Answer: Surplus
Solution : Income and Expenditure Account records expenses and losses on the debit side and income and gains on the credit side of the not-for-profit organization. Surplus = Income - Expenses. Hence the correct option is 1.
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