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प्रश्न
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.
विकल्प
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
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उत्तर
Income and Expenditure Account
Explanation:
- Income and Expenditure Account is an account prepared by a non-trading organisation to ascertain the surplus or deficit for an accounting year.
- It contains all incomes and expenses relating to the current year, whether actually received/paid or not.
APPEARS IN
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’
Explain any two features of Income and Expenditure account.
How is Receipts & Payments Account different from Income & Expenditure Account?
Explain the term deficit in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
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?
Mention any two features of the Income and Expenditure Account.
Distinguish between Receipt and Income.
