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प्रश्न
The closing balance of this Account shows surplus or deficit for the year.
विकल्प
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
उत्तर
Income and Expenditure Account
Explanation:
The closing balance of this Account shows surplus or deficit for the year. If the credit side exceeds the debit side, there is surplus. On the other hand, if the debit side exceeds the credit side, there is deficit.
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
It contains only revenue items.
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.
Explain the term deficit in Income and Expenditure Account.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
What is Income and Expenditure Account?
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
