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प्रश्न
Give any two uses of Income and Expenditure Account.
Explain any two uses of the Income and Expenditure Account.
उत्तर
Following are the two uses of Income and Expenditure Accounts:
- It serves as a visual representation of the non-profit organization's surplus or deficit following a specific time frame, usually a fiscal year.
- It displays all of the income, expenses, and outlays for that specific fiscal year, whether or not they are due.
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संबंधित प्रश्न
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.’
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
The closing balance of this account shows surplus/deficit ______.
How will Income and Expenditure account benefit a non-trading sports organisation?
This account is equivalent to the Profit and Loss Account of a business concern.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
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 deficit in Income and Expenditure Account.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
