Multiple choice

In a not-for-profit organisation, the account which is prepared is known as

  1. income and expenditure A/c

  2. profit and loss A/c

  3. revaluation A/c

  4. realisation A/c
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

It is prepared to ascertain deficit of expenses over income or surplus of income over expenses.

Keep practicing — related questions