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प्रश्न
Income and expenditure contain only ______ items.
विकल्प
Capital
Capital and Revenue
Revenue
Outstanding
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उत्तर
Income and expenditure contain only Revenue items.
Explanation:
Only revenue items are included in the Income and Expenditure Account; capital items are excluded. Both are included in the Receipts and Payment Account.
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संबंधित प्रश्न
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
______ depicts the capital fund of the organization.
Give any two uses of Income and Expenditure Account.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
The closing balance of this Account shows surplus or deficit for the year.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
If the total of ______ side is greater than the total of ______ side, it is called ‘surplus’ or ‘excess of income over expenditure’.
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'.
Why and by whom is an Income and Expenditure Account prepared?
What is Income and Expenditure Account?
