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The balance of income and expenditure account depicts:

The balance of income and expenditure account depicts:

  • (A) Cash in hand
  • (B) Surplus or deficit
  • (C) Capital fund
  • (D) Net profit or loss
The correct answer is (B) Surplus or deficit.
  • Non-profit organizations draw the Income and Expenditure account to ascertain the outcome of their activities over a given period. This account is similar to a Profit and Loss account, which is used by a profit organization. In the case of a non-profit organization, as the focus is not on earning a profit, the figure thus obtained is referred to as a surplus, where income is greater than expenditure, or a deficit, where expenditure is greater than income. This figure is finally transferred to the Capital Fund account in the balance sheet.
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Related MCQs:

 ‘NATO’ is an abbreviation of:

March 18, 2026 No Comments
  • (A) North Atlantic Treaty Organization
  • (B) Non-Aligned Treaty Organization
  • (C) Non-Aligned Trading Organization
  • (D) North American Transport Organization

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