Advertisements
Advertisements
प्रश्न
Income and Expenditure Account is a ______ account.
विकल्प
Nominal
Real
Personal
Recurring
Advertisements
उत्तर
The income and Expenditure Account is a Nominal Account.
Explanation:
The account Income and Expenditure is a fictitious account. Incomes and gains are credited, while expenses and losses are debited.
APPEARS IN
संबंधित प्रश्न
______ depicts the capital fund of the organization.
Explain any two features of Income and 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.
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’.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
What is Income and Expenditure Account?
Distinguish between Receipt and Income.
