Q27. Identify the account in case of a Not-for-Profit Organisation that exclude the Capital receipts

Q: What is the correct answer for CUET UG Accounting Q27?

The correct answer is B. The Income and Expenditure Account is used to record revenue (income) and expenses (expenditure) related to the organization's regular activities and operations. It does not include capital transactions like the acquisition of assets or capital contributions. Instead, it focuses on the day-to-day financial activities and the determination of the surplus or deficit from the organization's operation

Q: Q27. Identify the account in case of a Not-for-Profit Organisation that exclude the Capital receipts and Capital payments.

The correct answer is B. The Income and Expenditure Account is used to record revenue (income) and expenses (expenditure) related to the organization's regular activities and operations. It does not include capital transactions like the acquisition of assets or capital contributions. Instead, it focuses on the day-to-day financial activities and the determination of the surplus or deficit from the organization's operation

Q: What are the options for this CUET UG Accounting question?

A. Receipt and Payment Account · B. Income and Expenditure Account · C. Cash Account · D. Bank Account

Question

Q27. Identify the account in case of a Not-for-Profit Organisation that exclude the Capital receipts and Capital payments.

FirstInTest · Accepted Answer

The Income and Expenditure Account is used to record revenue (income) and expenses (expenditure) related to the organization's regular activities and operations. It does not include capital transactions like the acquisition of assets or capital contributions. Instead, it focuses on the day-to-day financial activities and the determination of the surplus or deficit from the organization's operations during a specific accounting period.

Answer

Receipt and Payment Account

Answer

Income and Expenditure Account

Answer

Cash Account

Answer

Bank Account

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