Advertisements
Advertisements
प्रश्न
Explain the term deficit in Income and Expenditure Account.
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
______ depicts the capital fund of the organization.
How will Income and Expenditure account benefit a non-trading sports organisation?
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.
It contains only revenue items.
If the total of ______ side is greater than the total of ______ side, it is called ‘surplus’ or ‘excess of income over expenditure’.
Why and by whom is an Income and Expenditure Account prepared?
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
