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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.
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संबंधित प्रश्न
How will Income and Expenditure account benefit a non-trading sports organisation?
How is Receipts & Payments Account different from Income & Expenditure Account?
The closing balance of this Account shows surplus or deficit for the 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.
Explain the term deficit in Income and Expenditure Account.
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
Distinguish between Receipt and Income.
