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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
Income and expenditure contain only ______ items.
Explain any two features of Income and Expenditure account.
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.
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'.
What is Income and Expenditure Account?
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
