Question : Surplus/Deficit of an NPO is known from the:
Option 1: Receipts and Payments Account
Option 2: Cash Book
Option 3: Income and Expenditure Account
Option 4: Balance Sheet
Answer (1)
3rd Jan, 2024
Correct Answer: Income and Expenditure Account
Solution : Not-for-profit organisations prepare Income and Expenditure A/c to determine the surplus or deficit of income over expenditure over a particular period of time.
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