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प्रश्न
Explain the term deficit in Income and Expenditure Account.
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उत्तर
- Deficit in the context of an Income and Expenditure Account refers to the excess of expenditure over income within a specific accounting period.
- When a non-trading organization incurs more expenses than it earns in revenue during a given period, the result is a deficit.
- The deficit is deducted from the organization's capital fund to indicate poor financial performance throughout the period.
संबंधित प्रश्न
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.’
______ depicts the Capital fund of the organization.
The closing balance of this account shows surplus/deficit ______.
The closing balance of this Account shows surplus or deficit for the year.
It contains only revenue items.
Why and by whom is an Income and Expenditure Account prepared?
State any one point of difference between Receipt and Payment account and 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.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
