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प्रश्न
Write one Word / Term / Phrase for the following statement.
A fund created out of a specific amount earmarked, gifted, or donated and the income of this fund is to be used for a specific purpose.
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उत्तर
Endowment Fund
Explanation: Endowment fund is basically the fund generated via gifts and bequests. The income from such funds is usually allocated for some specific purpose. It is a capital receipt because it provides a permanent income to the organisation and is shown on the Liabilities side as a separate item.
संबंधित प्रश्न
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
‘Outstanding subscription’ at the end of Accounting year represents _____________.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
For a sports club, expenditure on the purchase of sports Machinery/Equipment is a ______________ expenditure.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
In case of non trading concern the excess of assets over liabilities is termed as _____________.
State whether the following statement is True or False.
Income and expenditure account, prepared by ‘Not for Profit’ concerns, must be accompanied by balance sheet.
