CUET Preparation Today
Which of the following is correct in respect of NPO? |
Receipts and Payment account is restricted to only cash transactions and does not consider outstanding Income or Expenses. The Income and Expenditure Account takes into account all incomes and expenses (including those which are outstanding) relating to the period under review. Both 1 and 2 are correct. None of 1 or 2 is correct. |
Receipts and Payment account is restricted to only cash transactions and does not consider outstanding Income or Expenses. |
Receipt and Payment Account gives summarised picture of various receipts and payments, irrespective of whether they pertain to the current period, previous period or succeeding period or whether they are of capital or revenue nature. It may be noted that this account does not show any non cash item like depreciation. |
