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प्रश्न
Distinguish between Receipt and Income.
Give one difference between Receipt and Income.
उत्तर
| S. No. | Basis of Distinction | Receipt | Income |
| 1. | Meaning | It means money received. | It means revenue earned. |
| 2. | Nature | It is actually received. | It may be actually received or accrued. |
| 3. | Period | It may relate to the current year, the previous year or the future year. | It always relates to the current year. |
| 4. | Accounting treatment | It is shown in the Receipts and Payment Account. | It is shown in the Income and Expenditure Account. |
संबंधित प्रश्न
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
______ depicts the Capital fund of the organization.
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 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.
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'.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
