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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 contain only ______ items.
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
The closing balance of this account shows surplus/deficit ______.
Explain any two features of Income and Expenditure account.
How is Receipts & Payments Account different from Income & Expenditure Account?
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
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'.
Explain the term deficit in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
What is Income and Expenditure Account?
