Advertisements
Advertisements
प्रश्न
How will Income and Expenditure account benefit a non-trading sports organisation?
Advertisements
उत्तर
- The Income and Expenditure Account shows the surplus or deficit arising from the activities of a non-trading concern during a year.
- It shows all items of income and expenditure. With the help of this information, the organisation can take steps to increase income and reduce expenditure.
- It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
- It fulfils the statutory requirements because non-trading organisations are legally required to prepare it.
APPEARS IN
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.
The closing balance of this account shows surplus/deficit ______.
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.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
