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Question
State whether the following statement is True or False with reasons.
Not for Profit Concerns do not have profit motive.
Options
True
False
MCQ
True or False
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Solution
Not for Profit Concerns do not have profit motive. - True.
Explanation:
Not-for-profit concerns’ main aim is to give services to their members or society. They do not carry any trading or manufacturing activity, so there is no question of having a profit motive for ‘Not for Profit’ concerns.
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Chapter 2: Accounts of ‘Not for Profit’ Concerns - Exercise 2.1 (Objective Type Questions) [Page 112]
