Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 46)
What does the term 'surplus' mean in the context of a non-profit's Income and Expenditure Account?
Expenses are higher than income.
Income is higher than expenses.
Assets exceed liabilities.
Liabilities exceed assets.
Explanation
A surplus means the organization has more income than expenses in a given period.
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