Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 13 - No. 31)
What is the primary purpose of the Income and Expenditure Account for a non-profit organization?
To provide a list of the organization's assets and liabilities.
To record all cash transactions during the year.
To determine whether the society has a surplus or a deficit.
To show the sources of income and the amounts received.
Explanation
The primary goal of the Income and Expenditure account is to determine whether the non-profit has a surplus or deficit.
Comments (0)
