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प्रश्न
This account is equivalent to the Profit and Loss Account of a business concern.
पर्याय
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.
Give any two uses of Income and Expenditure Account.
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'.
Explain the term surplus in Income and Expenditure Account.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
