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प्रश्न
Income and Expenditure Account is a ______ account.
विकल्प
Nominal
Real
Personal
Recurring
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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.
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संबंधित प्रश्न
Explain any two features of Income and Expenditure account.
How will Income and Expenditure account benefit a non-trading sports organisation?
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 serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.
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.
