1. 'Not for Profit' concerns do not
have profit motive. (True)
2. Not for Profit concerns concentrate
their efforts on maximising their profit. (False)
3. Every year, 'Bal Vikas mandir', a
primary school, prepares Income and Expenditure Account. (True)
4. Charitable Institutions prepare
Profit and Loss Account, at the end of every financial year. (False)
5. There is no difference between
Receipts and Payments Account and Income and Expenditure Account. (False)
6. All receipts are the items of
revenue income. (False)
7. Income and Expenditure Account,
prepared by 'Not for Profit' concerns, must be accompanied by Balance Sheet. (True)
8. In the Income and Expenditure
Account, all incomes received during the year, irrespective of the year for
which thery are received, are to be recorded. (False)
9. The final balancing amount of Income
and Expenditure Account, represents either Surplus or Deficit. (True)
10.
Receipts and Payments Account do not have any opening balance. (False)