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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
Give any two uses of Income and Expenditure Account.
The closing balance of this account shows surplus/deficit ______.
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.
This account is equivalent to the Profit and Loss Account of a business concern.
If the total of ______ side is greater than the total of ______ side, it is called ‘surplus’ or ‘excess of income over expenditure’.
Explain the term surplus in Income and Expenditure Account.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
What is Income and Expenditure Account?
