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easyMCQCUET Accountancy 2023 29 May Shift 22026Accountancy
1 mark

Identify the term that is used to show the amount received as per the will of a deceased person in Not-for-Profit Organisations.

  1. A
    Specific Donations
  2. B
    Life membership fees
  3. C
    Subscription
  4. D
    Legacies

Solution & Step-by-step Explanation

A Legacy is the amount or property received by a Not-for-Profit Organisation as per the will of a deceased person. It is treated as a capital receipt and shown on the liabilities side of the Balance Sheet.

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Identify the term that is used to show the amount received as per the will of a deceased person in Not-for-Profit Organisations.
A
Specific Donations
B
Life membership fees
C
Subscription
D
Legacies

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