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प्रश्न
This account is equivalent to the Profit and Loss Account of a business concern.
विकल्प
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
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उत्तर
Income and Expenditure Account
Explanation:
The Income and Expenditure Account is equivalent to the Profit and Loss Account of a business concern. It records all incomes and expenses for a specific period, typically a year, and helps determine whether the organization has a surplus or deficit during that period.
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संबंधित प्रश्न
Income and expenditure contain only ______ items.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How is Receipts & Payments Account different from Income & Expenditure Account?
It contains only revenue items.
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'.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
Mention any two features of the Income and Expenditure Account.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
