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Question
If the total of ______ side is greater than the total of ______ side, it is called 'surplus' or 'excess of income over expenditure'.
Options
Debit, credit
Credit, debit
Credit, credit
Debit, debit
Solution
If the total of credit side is greater than the total of debit side, it is called 'surplus' or 'excess of income over expenditure'.
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RELATED QUESTIONS
Give any two uses of Income and Expenditure Account.
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______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
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