Which of the following is true for a NPO

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Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

Which of the following is true for a NPO?

Options:

Asset=Capital +Liabilities+ Deficit during the year

Assets= Capital+Liabilities+ Surplus during the year

Accumulated Funds+Liabilities= Assets

None of the above.

Correct Answer:

Accumulated Funds+Liabilities= Assets

Explanation:

Capital Fund+Liabilities= Assets