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प्रश्न
Income and Expenditure Account is a ______ account.
पर्याय
Nominal
Real
Personal
Recurring
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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.
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संबंधित प्रश्न
Income and expenditure contain only ______ items.
The closing balance of this account shows surplus/deficit ______.
Explain any two features of Income and Expenditure account.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How is Receipts & Payments Account different from Income & Expenditure Account?
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
What is Income and Expenditure Account?
