Multiple Choice Questions on In non trading concerns excess of income over expenditure is called mdash ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

In non trading concerns excess of income over expenditure is called mdash ........

General Accounting Principles Not for profit organisation
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    In non-trading concerns, excess of income over expenditure is called—

    Profit

    Incorrect Answer

    Surplus

    Correct Answer

    Loss

    Incorrect Answer

    Deficit

    Incorrect Answer
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    Explanation:

    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. 

    By: Subhash Singh
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