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Question #1
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In a non-profit organization, the excess of income over expenditure is called:
Correct Answer: Option C
Explanation:
Non-profit organizations use the term surplus (not profit) for excess of income over expenditure, shown in Income and Expenditure Account.
Non-profit organizations use the term surplus (not profit) for excess of income over expenditure, shown in Income and Expenditure Account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is:
Correct Answer: Option B
Explanation:
Secured creditors have the first right over the assets they hold as security. Any remaining dues become unsecured.
Secured creditors have the first right over the assets they hold as security. Any remaining dues become unsecured.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Operating Cycle' concept is used to determine:
Correct Answer: Option C
Explanation:
An asset/liability is current if expected to be realised/settled within the operating cycle or 12 months, whichever longer.
An asset/liability is current if expected to be realised/settled within the operating cycle or 12 months, whichever longer.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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