Excess of income over expenditure in case of a not-for-profit organisation is called:

Correct option is D

A not-for-profit organisation (NPO) does not prepare a Profit & Loss Account; instead, it prepares an Income and Expenditure Account. In this account:
· If Income > Expenditure, the result is called a Surplus.
· If Expenditure > Income, the result is a Deficit.
NPOs are not profit-oriented; hence the term profit is not used. The surplus is added to the Capital Fund (also called General Fund) in the Balance Sheet.
Thus, the correct answer is: Option (d) Surplus