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Preparing Financial Statements of NPO-I

Income and Ex...

Question

Income and Expenditure accounts shows a balance of ________________.

A

Surplus or Deficit

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B

Cash in hand at the end

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C

Net Profit/Loss

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D

Capital Fund

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Solution

The correct option is A Surplus or Deficit
Income and expenditure account is prepared by a non-trading concern to reveal the surplus or deficit arising out of the operating activities during the accounting period.

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