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प्रश्न
It contains only revenue items.
पर्याय
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
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उत्तर
Income and Expenditure Account
Explanation:
The Income and Expenditure Account contains only revenue items. It records all income and expenses related to the organization's operations for a specific period, excluding capital receipts and payments.
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संबंधित प्रश्न
Give any two uses of Income and Expenditure Account.
The closing balance of this account shows surplus/deficit ______.
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.
This account is equivalent to the Profit and Loss Account of a business concern.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
Distinguish between Receipt and Income.
