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प्रश्न
Distinguish between Receipt and Income.
Give one difference between Receipt and Income.
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उत्तर
| S. No. | Basis of Distinction | Receipt | Income |
| 1. | Meaning | It means money received. | It means revenue earned. |
| 2. | Nature | It is actually received. | It may be actually received or accrued. |
| 3. | Period | It may relate to the current year, the previous year or the future year. | It always relates to the current year. |
| 4. | Accounting treatment | It is shown in the Receipts and Payment Account. | It is shown in the Income and Expenditure Account. |
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
The closing balance of this account shows surplus/deficit ______.
How is Receipts & Payments Account different from Income & Expenditure Account?
This account is equivalent to the Profit and Loss Account of a business concern.
It contains only revenue items.
On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
Mention any two features of the Income and Expenditure Account.
