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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
______ depicts the capital fund of the organization.
The closing balance of this account shows surplus/deficit ______.
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.
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’.
On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.
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.
