Advertisements
Advertisements
Question
Indian Cricket Association prepares Profit and Loss Account ?
Solution
False
Explanation:
Indian Cricket Association is a not-for-profit concern. So, it does not prepare Profit and Loss Account; instead it prepares Income and Expenditure Account.
shaalaa.com
Not for Profit Concerns
Is there an error in this question or solution?
APPEARS IN
RELATED QUESTIONS
Give word / term or phrase for the following statement.
Excess of income over expenditure of a ‘not for profit’ concern.
Excess of expenditure over income of 'not for profit' concerns.
The main objective of not for profit organizations is to earn profit.
Write one Word / Term / Phrase for the following statement.
Such concerns, which are formed for rendering some useful services to its members without having profit motive.
