Practice - Format of Income and Expenditure Account
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What does the Income and Expenditure Account summarize?
💡 Hint: Think about what this account represents for financial performance.
What is meant by a surplus?
💡 Hint: Consider what happens to the finances when more is received than spent.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the purpose of the Income and Expenditure Account?
💡 Hint: Consider what information the account is designed to convey.
True or False: The Income and Expenditure Account is prepared on a cash basis.
💡 Hint: Review the principles behind how income and expenses are categorized.
1 more question available
Challenge Problems
Push your limits with advanced challenges
An NGO received ₹500,000 in grants, ₹100,000 in donations, and ₹50,000 in interest during the year. It spent ₹450,000 on programs and ₹100,000 on operational costs. Calculate the surplus or deficit.
💡 Hint: Add up incomes and expenditures separately, and then find the difference.
If a non-profit organization has a deficit of ₹30,000 this year but generated a surplus of ₹50,000 last year, what is the cumulative effect on its financial status?
💡 Hint: Consider how previous surpluses and deficits interact to reflect financial health.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.