Teaching BPSC 4.0 बिहार उच्च माध्यमिक शिक्षक भर्ती (PGT) Mock Test Accountancy Trading and Profit & Loss Account
Which of the following statements is INCORRECT in the context of Not-for-profit organizations?
1
Final accounts for not-for-profit organisations comprise receipts and payment account; income and expenditure account; and balance sheet at the end of the year.
2
Not-for-profit organisations are organised as trusts/societies and have members, not owners.
3
The income and expenditure account lists both the revenue and capital receipts and payments (for past, current and future periods).
4
More than one of the above
5
None of the above