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प्रश्न
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.
पर्याय
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
उत्तर
Income and Expenditure Account
Explanation:
- Income and Expenditure Account is an account prepared by a non-trading organisation to ascertain the surplus or deficit for an accounting year.
- It contains all incomes and expenses relating to the current year, whether actually received/paid or not.
APPEARS IN
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
______ depicts the Capital fund of the organization.
How is Receipts & Payments Account different from Income & Expenditure Account?
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'.
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.
State any one point of difference between Receipt and Payment account and 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.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
