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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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Q. (I) In Receipt & Payment A/c all receipts and payments are shown irrespective of the year to which they pertain.
(II) The difference at Dr. side of Receipt & Payment A/c account is known as surplus or deficit and deducted from capital fund.
(III) Income & Expenditure A/c is always accompained by balance sheet.

Select the correct answer.

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Q. Income and Expenditure Account of a non-profit organisation is a ________________.

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(I) In Receipt & Payment A/c all receipts and payments are shown irrespective of the year to which they pertain.
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(III) Income & Expenditure A/c is always accompanied by balance sheet.
(IV) Going concern assumption is not relevant for accounting of non-profit organization.
Select the correct answer from the options given below.

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