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      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. Correct Answer Incorrect Answer
      B Non-profit organisations are not required to make a Trading and Profit & Loss Account. Correct Answer Incorrect Answer
      C Non-profit organisations maintain capital fund instead of any capital account. Correct Answer Incorrect Answer
      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. Correct Answer Incorrect Answer

      Solution

      The correct answer is A

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