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Assertion (A): The Income and Expenditure Account is like the cash book. Reason (R): Income and Expenditure Account shows the surplus or deficit that is earned during the financial year -

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Question

Assertion (A): The Income and Expenditure Account is like the cash book.

Reason (R): Income and Expenditure Account shows the surplus or deficit that is earned during the financial year by the non-profit organisation.

Options

  • Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).

  • Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).

  • Assertion (A) is true, but Reason (R) is false.

  • Assertion (A) is false, but Reason (R) is true.

MCQ

Solution

Assertion (A) is false, but Reason (R) is true.

Explanation:

The Income and Expenditure Account is similar to a business's profit and loss account.

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Preparation of Income and Expenditure Account
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