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Question
Write one Word / Term / Phrase for the following statement.
Excess of income over expenditure.
One Word/Term Answer
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Solution
Surplus
Explanation: Income and Expenditure Account is prepared to ascertain the results of activities of a not-for-profit organisation. When the income side exceeds the expenditure side, we have surplus. However, in case of profit-seeking entities, it is termed as profit (ascertained from Profit and Loss Account).
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