Advertisements
Advertisements
प्रश्न
Give any two uses of Income and Expenditure Account.
Explain any two uses of the Income and Expenditure Account.
उत्तर
Following are the two uses of Income and Expenditure Accounts:
- It serves as a visual representation of the non-profit organization's surplus or deficit following a specific time frame, usually a fiscal year.
- It displays all of the income, expenses, and outlays for that specific fiscal year, whether or not they are due.
APPEARS IN
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’
______ depicts the Capital fund of the organization.
Explain any two features of Income and Expenditure account.
How will Income and Expenditure account benefit a non-trading sports organisation?
It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.
This account is equivalent to the Profit and Loss Account of a business concern.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
If the total of ______ side is greater than the total of ______ side, it is called 'surplus' or 'excess of income over expenditure'.
