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Question

Not for profit organisation do not have to manufacture,purchase or sell goods and may not have credit transactions so they don't have to maintain _________account.

A
Trading Account
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B
Balance Sheet
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C
Income and Expenditure Account
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D
Receipts and Payments Account
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Solution

The correct options are
A Trading Account
Non for profit organisations do not manufacture, purchase or sell goods and may not have credit transactions so they do not have to maintain trading account and profit and loss account.
The financial statements prepared by Non for profit organisations are Receipts and payment account, income and expenditure account and balance sheet.

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