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’ Concerns1 Mark
Question
What is Deficit?
✓

Answer

Excess of expenditure over income shown by Income and Expenditure Account is called Deficit for the financial year.

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 "Answer in One Sentence" 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

What is the Fixed Capital Method?
→
Which are the parties to a bill of exchange?
→
Give three examples of current liability.
→
State three examples of cash inflows.
→
Who bears the noting charges on dishonour of a bill?
→
Who is a Notary Public?
→
In what proportion is general reserve distributed among the old partners?
→
What is the sacrifice ratio?
→
What is Benefit Ratio?
→
What is deferred revenue expenditure?
→