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  • Partnership and Not-for-Profit Accounting
  • In a non-profit organisation, the income and expenditure ...
Multiple choice

In a non-profit organisation, the income and expenditure A/c is prepared to

  1. ascertain profit or loss

  2. ascertain surplus or deficit

  3. ascertain assets

  4. ascertain liabilities

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

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

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