Question

Excess of income over expenditure in 'Not for Profit Concern' is termed as \(\underline{\hspace{1cm}}\).

• A. Deficit
• B. Profit
• C. Surplus
• D. Loss

Hint:

In a 'Not for Profit Concern', the term Surplus refers to excess income over expenditure.

Answer 1

The Correct Option is C

Step 1: Recall the definition.
In a 'Not for Profit Concern', if the income exceeds the expenditure, it results in a surplus, unlike a profit in a profit-making organization.

Step 2: Evaluate the options.
- Deficit: Occurs when expenditure exceeds income. - Profit: A surplus in a for-profit organization. - Surplus: Correct answer, as it indicates excess income over expenditure in non-profit organizations. - Loss: Occurs when income is less than expenditure.

Step 3: Conclusion.
Therefore, the correct term is Surplus.

Final Answer: \[ \boxed{Surplus} \]