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प्रश्न
What is Income and Expenditure Account?
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उत्तर
- An Income and Expenditure Account is a financial statement used largely by non-trading organizations, such as non-profits, clubs, and societies, to assess their financial success over a given time period, usually a year.
- It records all revenues (income) and spending (expenditure) related to the organization's activities during that time period, determining whether there is a surplus (excess income over expenditure) or a deficit (excess expenditure over income).
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.’
Give any two uses of Income and Expenditure Account.
The closing balance of this account shows surplus/deficit ______.
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.
Explain the term surplus 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.
Mention any two features of the Income and Expenditure Account.
Distinguish between Receipt and Income.
