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प्रश्न
Explain the term deficit in Income and Expenditure Account.
उत्तर
- Deficit in the context of an Income and Expenditure Account refers to the excess of expenditure over income within a specific accounting period.
- When a non-trading organization incurs more expenses than it earns in revenue during a given period, the result is a deficit.
- The deficit is deducted from the organization's capital fund to indicate poor financial performance throughout the period.
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
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.
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.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
What is Income and Expenditure Account?
