Practicing Success
Practicing Success
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Which of the following is correct in respect of NPOs? |
Surplus/Deficit of NPOs is distributed among the members. Accrual System of accounting is used in preparation of Receipts and Payments account. Accrual system of accounting is used in preparation of Income and Expenditure account. None of the above. |
Accrual system of accounting is used in preparation of Income and Expenditure account. |
The surplus generated in the form of excess of income over expenditure is not distributed amongst the members. It is simply added in the capital fund. |
