Maharashtra State BoardHSC Commerce 12th Board Exam
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Write One Word / Term / Phrase for the Following Statement. - Book Keeping and Accountancy

One Word Answer

Write one Word / Term / Phrase for the following statement.
An Account, which is prepared by ‘Not for Profit’ concern, instead of Profit and Loss Account.

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Solution

Income and Expenditure Account

Explanation: It is an account prepared by a not-for profit organisation to know the surplus/deficit earned by the organization during the accounting period. It is similar to a Profit and Loss Account prepared by the sole-proprietorship concerns. It is nominal in nature; therefore, expenses are debited and incomes are credited in this account.

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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 7 Accounts of 'Not For Profit' Concerns
Exercise | Q 1 | Page 227
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