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
Abba offers 5% cash discount on goods worth N10,000, The discount allowed account is to be? ...
A Receipt and Payments Account reveals ...
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials:...
Use the following information to answer the given question RECEIPTS AND PAYMENTS ACCOUNT: ...
Trading account for the year ended 31st December 2009 ₦ ₦ Opening...