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प्रश्न
What is Income and Expenditure Account?
संक्षेप में उत्तर
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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).
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Give any two uses of Income and Expenditure Account.
The closing balance of this account shows surplus/deficit ______.
How is Receipts & Payments Account different from Income & Expenditure Account?
This account is equivalent to the Profit and Loss Account of a business concern.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
