Identify the INCORRECT statement:
Non-profit organizations distribute the surplus generated in the form of excess of income over expenditure, amongst the members.
Non-profit organizations are required to prepare financial statements at the end of the accounting period, but they do not submit them to the Registrar of Societies. The financial statements are typically filed with relevant regulatory authorities or used internally for reporting purposes.
Similar Questions
Which of the following is NOT true about the single entry system?
Which of the following options is the correct rectification entry for the given transaction?
Credit sales of ₹5100 to Jai recorded as credit sales to Jai as ₹1500
Given the information below, what will be the amount of subscriptions in the Receipt & Payment Account and the Income & Expenditure Account, respectively?
A sports club received ₹50,000 as subscriptions during the year 2018-19, of which ₹5,000 relate to the year 2017-18 and ₹10,000 to 2019-20. At the end of the year 2018-19, ₹25,000 are still receivable.
A client pays the firm ARC an amount of ₹12,000 on 28th February to avail services for the next 60 days. ABC uses accrual basis of accounting and closes the books on 31 March. Which account (and what type of account) will be involved as recorded in the balance sheet?
If any capital expenditure is wrongly shown as revenue expenditure (for example, purchase of furniture shown as purchases), it will result in __________ of profits and also an __________ of assets.
In the Self Balancing Ledger System, the sales ledger adjustment account is always opened in the:
Which is the National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings and deposits accounts, remittance, credit, insurance, pension in an affordable manner?
Important Questions from Financial Inclusion
RBI financial inclusion index (FI-Index) quality parameter captures information on which of the following:
A. Financial literacy
B. Consumer protection
C. Ease of access
D. Availability and usage
E. Inequality and deficiency in service
Choose the correct answer from the options given below:
Which of the following is NOT true about the single entry system?
Which of the following options is the correct rectification entry for the given transaction?
Credit sales of ₹5100 to Jai recorded as credit sales to Jai as ₹1500
Given the information below, what will be the amount of subscriptions in the Receipt & Payment Account and the Income & Expenditure Account, respectively?
A sports club received ₹50,000 as subscriptions during the year 2018-19, of which ₹5,000 relate to the year 2017-18 and ₹10,000 to 2019-20. At the end of the year 2018-19, ₹25,000 are still receivable.
A client pays the firm ARC an amount of ₹12,000 on 28th February to avail services for the next 60 days. ABC uses accrual basis of accounting and closes the books on 31 March. Which account (and what type of account) will be involved as recorded in the balance sheet?
