Question

Not for Profit' Concerns prepare __________ Account instead of Profit and loss Account. (Fill in the blank by choosing correct option)
a) Trading
b) Income and Expenditure
c) Cash
d) Receipts and Payments

Answer 1

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Your Answer:-

Option B) is the correct answer


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Answer 2

Not for Profit' Concerns prepare the Income and Expenditure Account instead of a Profit and loss Account.

• Not-for-profit prepares the Income and Expenditure Account to determine the surplus / deficit resulting from an organization's activities.
• The Revenue and Expenditure Account is a list of all revenue and expenditure products related to the current year of taxation. It is prepared to determine the surplus or deficit resulting from current revenue over current expenditure.