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प्रश्न
How will Income and Expenditure account benefit a non-trading sports organisation?
लघु उत्तरीय
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उत्तर
- The Income and Expenditure Account shows the surplus or deficit arising from the activities of a non-trading concern during a year.
- It shows all items of income and expenditure. With the help of this information, the organisation can take steps to increase income and reduce expenditure.
- It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
- It fulfils the statutory requirements because non-trading organisations are legally required to prepare it.
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
______ depicts the Capital fund of the organization.
Give any two uses of Income and Expenditure Account.
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.
If the total of ______ side is greater than the total of ______ side, it is called 'surplus' or 'excess of income over expenditure'.
What is Income and Expenditure Account?
