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Question
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
Options
Income and Expenditure
Balance sheet
Profit and Loss
Receipts and Payment
Solution
Income and Expenditure account is prepared to ascertain surplus or deficit at the end of an accounting year.
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RELATED QUESTIONS
Income and expenditure contain only ______ items.
The closing balance of this account shows surplus/deficit ______.
Explain any two features of Income and Expenditure account.
How will Income and Expenditure account benefit a non-trading sports organisation?
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
What is Income and Expenditure Account?
Distinguish between Receipt and Income.
