Advertisements
Advertisements
प्रश्न
Income and Expenditure Account is a ______ account.
पर्याय
Nominal
Real
Personal
Recurring
Advertisements
उत्तर
The income and Expenditure Account is a Nominal Account.
Explanation:
The account Income and Expenditure is a fictitious account. Incomes and gains are credited, while expenses and losses are debited.
APPEARS IN
संबंधित प्रश्न
Income and expenditure contain only ______ items.
Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’
Give any two uses of Income and Expenditure Account.
Explain any two features of Income and Expenditure account.
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 serves as the basis for preparing the Balance Sheet of a non-trading organisation.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
What is Income and Expenditure Account?
