State whether the following statement is True or False.Charitable Inst

1.	State whether the following statement is True or False.Charitable Institutions prepare Profit and Loss Account, at the end of every financial year.OptionsTrueFalse
Answer» False Explanation: Charitable institutions are not-for-profit organisations. So, these organisations prepare Income and Expenditure Account, rather than Profit and Loss Account, which is prepared by profit-making organisations.

State whether the following statement is True or False.Charitable Institutions prepare Profit and Loss Account, at the end of every financial year.OptionsTrueFalse

Answer»

False

Explanation: Charitable institutions are not-for-profit organisations. So, these organisations prepare Income and Expenditure Account, rather than Profit and Loss Account, which is prepared by profit-making organisations.

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State whether the following statement is True or False.Charitable Institutions prepare Profit and Loss Account, at the end of every financial year.OptionsTrueFalse

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