Legacies are amounts received by a not-for-profit organisation as per the will of a deceased person. They are generally treated as a capital receipt and shown on the liabilities side of the Balance Sheet, unless of a small recurring nature.
Identify the term that is used to show the amount received as per the will of a deceased person.
CUET UG 2023 — Accountancy Financial Statements
2023mcqeasy
Identify the term that is used to show the amount received as per the will of a deceased person.
Official previous-year question
Held on 29 May 2023 · Verified 13 Jul 2026.
Options
- A
Specific Donations
- B
Life membership fees
- C
Subscription
- D
Legacies
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