Question : On which basis of accounting, Receipts and Payment account is prepared in case of Non Profit Organisation?
Option 1: Profit Basis
Option 2: Accural Basis
Option 3: Cash basis
Option 4: None of these
Answer (1)
19th Jan, 2024
Correct Answer: Cash basis
Solution : On the basis of cash basis accounting, Receipts and Payment account is prepared in case of Non Pofit Orginastion, hence the correct option is 3.
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