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प्रश्न
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
पर्याय
Income and Expenditure
Balance sheet
Profit and Loss
Receipts and Payment
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उत्तर
Income and Expenditure account is prepared to ascertain surplus or deficit at the end of an accounting year.
Explanation:
The Income and Expenditure Account is a nominal account created by non-profit organizations at the conclusion of the fiscal year to document their current revenue earnings and expenses. Following the accrual foundation of accounting, the ultimate balancing figure decides whether there is a surplus (revenue exceeds expenditure) or a deficit.
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
Explain any two features of Income and Expenditure account.
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.
This account is equivalent to the Profit and Loss Account of a business concern.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
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?
Distinguish between Receipt and Income.
