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
The main sources of income of such organisations are: (i) subscriptions from members, (ii) donations, (iii) grant-in-aid,
5
Question Not Attempted