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प्रश्न
How will Income and Expenditure account benefit a non-trading sports organisation?
उत्तर
- Income and Expenditure Account shows the surplus or deficit arising from the activities of a non-trading concern during a year.
- It shows all items of income and expenditure. With the help of this information, the organisation can take steps to increase income and reduce expenditure.
- It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
- It fulfils the statutory requirements because non-trading organisations are legally required to prepare it.
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
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.’
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.
Explain the term deficit in Income and Expenditure Account.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
