Excess of income over expenditure in ‘Not for Profit Concern’ is termed as _____.
Q.1 (A) (2) Excess of income over expenditure in ‘Not for Profit Concern’ is termed as _____.
A. Deficit
B. Profit
C. Surplus
D. Loss
1 answer
Best answer
Answer: C. Surplus
Answer: (c) Surplus
A Not for Profit concern does not call its excess “profit”. When income is more than expenditure the balance of the Income and Expenditure Account is a surplus; when expenditure is more, it is a deficit.
Doubtly AI
· 28 Oct 2026
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