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प्रश्न
Distinguish between Receipt and Income.
Give one difference between Receipt and Income.
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उत्तर
| Sr. 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
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
How is Receipts & Payments Account different from Income & 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.
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 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.
Mention any two features of the Income and Expenditure Account.
