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प्रश्न
Distinguish between Receipt and Income.
Give one difference between Receipt and Income.
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उत्तर
| Sr. 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
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How will Income and Expenditure account benefit a non-trading sports organisation?
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.
This account is equivalent to the Profit and Loss Account of a business concern.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
Explain the term deficit in Income and Expenditure Account.
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
