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प्रश्न
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
विकल्प
Income and Expenditure
Balance sheet
Profit and Loss
Receipts and Payment
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उत्तर
Income and Expenditure account is prepared to ascertain surplus or deficit at the end of an accounting year.
Explanation:
The Income and Expenditure Account is a nominal account created by non-profit organizations at the conclusion of the fiscal year to document their current revenue earnings and expenses. Following the accrual foundation of accounting, the ultimate balancing figure decides whether there is a surplus (revenue exceeds expenditure) or a deficit.
संबंधित प्रश्न
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.’
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
How will Income and Expenditure account benefit a non-trading sports organisation?
The closing balance of this Account shows surplus or deficit for the year.
It contains only revenue items.
Explain the term deficit in 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.
Mention any two features of the Income and Expenditure Account.
Distinguish between Receipt and Income.
