In a Not-for-Profit Organisation, the Income and Expenditure Account shows either a surplus (excess of income over expenditure) or a deficit (excess of expenditure over income). The term loss is used in profit-seeking entities, while deficit is the correct term for NPOs.
Identify the term that indicate excess of Expenditure over Income, in case of a Not-for-profit Organisation.
CUET UG 2023 — Accountancy Financial Statements
2023mcqeasy
Identify the term that indicate excess of Expenditure over Income, in case of a Not-for-profit Organisation.
Official previous-year question
Held on 29 May 2023 · Verified 13 Jul 2026.
Options
- A
Payment
- B
Expenditure
- C
Deficit
- D
Loss
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