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प्रश्न
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.
विकल्प
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
उत्तर
Income and Expenditure Account
Explanation:
- Income and Expenditure Account is an account prepared by a non-trading organisation to ascertain the surplus or deficit for an accounting year.
- It contains all incomes and expenses relating to the current year, whether actually received/paid or not.
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.’
The closing balance of this account shows surplus/deficit ______.
Explain any two features of Income and Expenditure account.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How is Receipts & Payments Account different from Income & Expenditure Account?
The closing balance of this Account shows surplus or deficit for the year.
If the total of ______ side is greater than the total of ______ side, it is called 'surplus' or 'excess of income over expenditure'.
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 surplus in Income and Expenditure Account.
