Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:
For containing the accounts of all incomes, expenses, assets and liabilities the NPO's maintain.........
Options:
Balance Sheet
Ledger account
Journal book
Profit and loss account
Correct Answer:
Ledger account
Explanation:
These type of institutions are also maintain a ledger containing the accounts of all incomes, expenses, assets and liabilities which facilitates the preparation of financial statements at the end of the accounting period.