Question

Not for profit concerns do not have profit motive.

• A. True
• B. False

Answer 1

The correct option is A True

Option A is correct One

The Not-for-Profit Organisations raise funds from its members as well as from the general public for meeting their objectives. The main motive of these organisations is to provide service. However, they may earn profits in the due course.Thus, they do not need to prepare Trading and Profit and Loss A/c.