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प्रश्न
What is Income and Expenditure Account?
उत्तर
- An Income and Expenditure Account is a financial statement used largely by non-trading organizations, such as non-profits, clubs, and societies, to assess their financial success over a given time period, usually a year.
- It records all revenues (income) and spending (expenditure) related to the organization's activities during that time period, determining whether there is a surplus (excess income over expenditure) or a deficit (excess expenditure over income).
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
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.’
______ depicts the Capital fund of the organization.
The closing balance of this account shows surplus/deficit ______.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
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.
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'.
Mention any two features of the Income and Expenditure Account.
