Download App

Accounts of ‘Not for Profit’ Concerns — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyAccounts of ‘Not for Profit’ Concerns2 Marks
Question
Income and Expenditure Account represents either surplus or deficit.
✓

Answer

This statement is True.
In the Income and Expenditure Account, all revenue incomes and expenses are recorded and at the end of the specified period, the difference is found out which is known as ‘Surplus’ (Revenue incomes are more than Revenue expenses) or ‘Deficit’ (Revenue expenses are more than Revenue incomes).

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "State whether the following statements are true or false with reasons" from Accounts of ‘Not for Profit’ Concerns→Accounts of ‘Not for Profit’ Concerns — all question types→Book Keeping & Accountancy STD 12 Commerce / Arts question papers→Maharashtra Board STD 12 Commerce / Arts question papers→Maharashtra Board question paper generator→

Similar questions

If goodwill is written off, a Deceased Partner’s Capital Account is debited.
→
The current ratio measures the liquidity of the business.
→
If goodwill is written off, Goodwill A/c is credited in the books of the firm.
→
Financial statements include only the Balance Sheet.
→
On dissolution, Bank overdraft is transferred to Realisation Account.
→
A bill can’t be deposited into the bank for collection.
→
Acceptance with some change as regards the terms of a bill is called general acceptance.
→
After the death of a partner, the entire amount due to the deceased partner is paid to the legal representative of the deceased partner.
→
A partnership firm is a Non-Trading concern.
→
R.D.D. is created on Creditors.
→