Excess of income over expenditure is termed as _____.
Q.1 (A) (ii) Excess of income over expenditure is termed as _____.
A. Deficit
B. Profit
C. Surplus
D. Loss
1 answer
Best answer
Answer: C. Surplus
Answer: (c) Surplus
In the Income and Expenditure Account of a not for profit concern, the excess of income over expenditure is called surplus (the opposite is deficit). The words profit and loss are used for trading concerns.
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· 28 Oct 2026
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