Question

Every year,'Bal Vikas Manche' a primary school, prepares Income and expenditure Account. (State True or False)

Answer 1

true......................................................

Answer 2

Answer:

True

Explanation:

Every year,'Bal Vikas Manche' a primary school, prepares Income and expenditure Account. - True

It is an account prepared by NPOs to understand the accounting period's surplus earned or the deficit. It is comparable to the profit and loss account that the profit-making organizations have prepared. It is a nominal account in which all income costs are debited and income is awarded. Because Bal Vikas Mandir is an NPO, it prepares an account for income and expenditure.