ACCOUNTS OF NON-PROFIT MAKING ORGANIZATION

INCOME AND EXPENDITURE IS ALSO KNOWN AS ........

Balance of income and expenditure is either .... or.....

• surplus or deficit

• profit or loss

• gain or loss

• share or dividend

Income and expenditure is a .... account under classification of account?

An example of income is ....

• Purchases

• Donations

• Rent

• Insurance

An example of expenditure is ......

• Donations

• Honorarium

• Sales of tickets

• Subscriptions

Expenditures are recorded on the .... side while income are recorded on the .... side.

Subscription can either be paid in arrears or in ......

Subscription in arrears are treated as .... in the balance sheet

• current asset

• current liability

• fixed asset

• long term liability

Another name for income and expenditure is

• balance sheet

• trading account

• profit and loss account

What topic are we treating presently?