Question

Q In a sports club the expense for the
tournament is
a) Debited in Income and Expenditure account
b) credited to Income and Expenditure accant
e) Detited in receipts and payments account
d. deducted from tournament account​

Answer 1

Answer:

Option no A

Explanation:

The role of a non-trading firm is to provide services to its members. However, in order to do the same, it needs to earn some revenue and incur certain expenditures. When a non-profit firm does so, it needs to prepare an income and expenditure account, which can help it in ascertaining the surplus earned or deficiency incurred during a period. Let us understand more about the income and expenditure account which is prepared by a non-profit organization.

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Answer 2

Answer:

option A

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