Advertisements
Advertisements
प्रश्न
Explain any two features of Income and Expenditure account.
Advertisements
उत्तर
- Periodic Statement: The Income and Expenditure account is a financial statement that provides a comprehensive overview of an organization's revenue and expenses during a specific period, usually spanning one year. It offers a concise overview of the company's financial performance for that specific time frame, with a primary emphasis on revenue generated and expenses incurred, rather than assets and liabilities.
- Non-profit Organisation: Non-profit organisations, like clubs, societies, and charitable institutions, often rely on the Income and Expenditure account to monitor their financial activities. The Income and Expenditure account focuses on revenue sources such as donations, grants, membership fees, and fundraising activities. It also includes expenses that are aligned with the organization's mission and objectives.
APPEARS IN
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
The closing balance of this account shows surplus/deficit ______.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How is Receipts & Payments Account different from Income & Expenditure Account?
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.
The closing balance of this Account shows surplus or deficit for the year.
Explain the term deficit in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
