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प्रश्न
Explain the term deficit in Income and Expenditure Account.
स्पष्ट करा
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उत्तर
- Deficit in the context of an Income and Expenditure Account refers to the excess of expenditure over income within a specific accounting period.
- When a non-trading organization incurs more expenses than it earns in revenue during a given period, the result is a deficit.
- The deficit is deducted from the organization's capital fund to indicate poor financial performance throughout the period.
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पाठ 6: Financial Accounting and Reporting - QUESTION BANK [पृष्ठ १०८]
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
______ depicts the capital fund of the organization.
Give any two uses of Income and Expenditure Account.
It contains only revenue items.
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 surplus in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
Distinguish between Receipt and Income.
