Maharashtra State BoardHSC Arts 12th Board Exam
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Syllabus
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Indian Cricket Association Prepares Profit and Loss Account. - Book Keeping and Accountancy

Indian Cricket Association prepares Profit and Loss Account ?
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Solution

False

Explanation:

Indian Cricket Association is a not-for-profit concern. So, it does not prepare Profit and Loss Account; instead it prepares Income and Expenditure Account.

Concept: Not for Profit Concerns
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2011-2012 (March)
Q 1.E.1
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2011-2012 (March) (with solutions)
Q 1.E.1 | 2 marks
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