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प्रश्न
How will Income and Expenditure account benefit a non-trading sports organisation?
दीर्घउत्तर
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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.
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संबंधित प्रश्न
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
______ 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?
The closing balance of this Account shows surplus or deficit for the year.
It contains only revenue items.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
Mention any two features of the Income and Expenditure Account.
