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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does the Income and Expenditure Account summarize?
💡 Hint: Think about what this account represents for financial performance.
Question 2
Easy
What is meant by a surplus?
💡 Hint: Consider what happens to the finances when more is received than spent.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the purpose of the Income and Expenditure Account?
- To show profit
- To detail income and expenses
- To list assets
💡 Hint: Consider what information the account is designed to convey.
Question 2
True or False: The Income and Expenditure Account is prepared on a cash basis.
- True
- False
💡 Hint: Review the principles behind how income and expenses are categorized.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
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.
Challenge and get performance evaluation