In the not-for-profit-making organization, the excess of ...
In the not-for-profit-making organization, the excess of income over expenditure is?
Deducted from the capital
Added to the accumulated fund
Added to the capital
Deducted from the the accumulated fund
Correct answer is C
Surplus is the excess of income over expenditure. A credit balance in the Income and expenditure account shows surplus. It is the profit earned and should be added to the capital fund on the liabilities side of the balance sheet
The suspense account is used to correct book-keeping error where the ...
Goodwill can be introduced when ...
Which of the following transaction is BEST recorded in the general journal? ...
Using the reducing balance method, the depreciation charged for year 2002 was Use the following i...
Which of the following is a normal account? ...
Given: Returns inwards............N1500 cash.......................N1550 Discount...................