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प्रश्न
This account is equivalent to the Profit and Loss Account of a business concern.
विकल्प
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
उत्तर
Income and Expenditure Account
Explanation:
The Income and Expenditure Account is equivalent to the Profit and Loss Account of a business concern. It records all incomes and expenses for a specific period, typically a year, and helps determine whether the organization has a surplus or deficit during that period.
APPEARS IN
संबंधित प्रश्न
______ 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?
The closing balance of this Account shows surplus or deficit for the year.
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'.
Explain the term surplus in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
