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Question
State whether the following statement is True or False with reasons.
Not for Profit concerns do not prepare Balance Sheet.
Options
True
False
MCQ
True or False
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Solution
This statement is False.
Explanation:
To know the organisation’s financial position at the end of the particular period Not for Profit concerns, prepare a Balance Sheet.
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Is there an error in this question or solution?
Chapter 2: Accounts of ‘Not for Profit’ Concerns - Exercise 2.1 (Objective Type Questions) [Page 112]
