Answer-Identify the INCORRECT statement.

Question

Identify the INCORRECT statement.

A Non-profit organisations distribute the surplus generated in the form of excess of income over expenditure, amongst the members.

B Non-profit organisations are not required to make a Trading and Profit & Loss Account.

C Non-profit organisations maintain capital fund instead of any capital account.

D Non-profit organisations have to prepare the financial statements at the end of each accounting period and submit them to the Registrar of Societies.

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Identify the INCORRECT statement.

Solution