Question

An Account, which is prepared by 'Not for Profit' concern, instead of profit and loss Account. Answer in a word / phrase / term.

Answer 1

Helo

Ur answer

↪️↪️. Income and expenditure ac

Answer 2

An Account, that is prepared by 'Not for Profit' concern, instead of profit and loss Account is the Income and Expenditure Account.

• The Revenue and Expenditure Account is a list of all revenue and expenditure products related to the current year of accounting.
• It is prepared to assess the surplus or deficit arising from current revenue over gross expenditure.
• 'Not for Profit' Concerns prepare Income and Expenditure Account instead of Profit and loss for the ascertainment of the surplus or the deficit that resuls from the activities of a business.