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प्रश्न
Distinguish between Receipt and Income.
Give one difference between Receipt and Income.
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उत्तर
| S. No. | Basis of Distinction | Receipt | Income |
| 1. | Meaning | It means money received. | It means revenue earned. |
| 2. | Nature | It is actually received. | It may be actually received or accrued. |
| 3. | Period | It may relate to the current year, the previous year or the future year. | It always relates to the current year. |
| 4. | Accounting treatment | It is shown in the Receipts and Payment Account. | It is shown in the Income and Expenditure Account. |
संबंधित प्रश्न
Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’
______ depicts the Capital fund of the organization.
Give any two uses of Income and Expenditure Account.
Explain any two features of Income and Expenditure account.
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 deficit in Income and Expenditure Account.
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.
