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प्रश्न
Why and by whom is an Income and Expenditure Account prepared?
संक्षेप में उत्तर
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उत्तर
- Non-trading organizations, such as non-profits, clubs, and societies, create an Income and Expenditure Account to record their financial success over a given time period.
- By summarizing their income and expenses, these organizations can determine whether they have a surplus or deficit, providing details about their financial health and overall efficiency.
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
The closing balance of this account shows surplus/deficit ______.
It contains only revenue items.
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'.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
What is 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.
Distinguish between Receipt and Income.
