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Question
Non-trading organisations prepare ______.
Options
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
All of these
MCQ
Fill in the Blanks
Solution
All of these
Explanation:
Non-trading organisations need to know their cash position, incomes and expenses, and financial position. Therefore, they prepare the following financial statements every year:
- Receipts and Payments Account.
- Income and Expenditure Account.
- Balance Sheet.
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Financial Accounting and Reporting
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