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प्रश्न
Income and expenditure contain only ______ items.
पर्याय
Capital
Capital and Revenue
Revenue
Outstanding
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उत्तर
Income and expenditure contain only Revenue items.
Explanation:
Only revenue items are included in the Income and Expenditure Account; capital items are excluded. Both are included in the Receipts and Payment Account.
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संबंधित प्रश्न
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.
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.
This account is equivalent to the Profit and Loss Account of a business concern.
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'.
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
