Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

The income and expenditure account reveals the........

Options:

Cash in hand

Capital fund

Surplus and deficit

Both (a) and (c)

Correct Answer:

Surplus and deficit

Explanation:

Income and expenditure account is prepared to present income and expenses. Excess of Income over expenditure is called surplus and excess of expenditure over income is called deficit.