Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 12 - No. 28)
In a club's Income and Expenditure Account, what does a 'deficit' represent?
Total assets exceeding total liabilities
Expenses exceeding income
Income exceeding expenses
Excess of assets over liabilities
Explanation
A deficit indicates that the club's expenses for the period were greater than its income.
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