Income & expenditure account is prepared using the same principle of:

Which of the following is NOT the main objective of non profit organisation?

The members pay an amount for the facilities provided by the society. This is known as:

The difference between the balance sheet of a club and business concern.

Receipts and payments account is the summary of:

If there is a deficit, accumulated fund will:

Income and expenditure account is a:

Excess of income over expenditure is known as:

The final balance of the receipts and payments account represents the balance of:

Which account is prepared by each club and society at the end of the financial year for their trading activities?