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प्रश्न
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.
पर्याय
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
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उत्तर
Income and Expenditure Account
Explanation:
- Income and Expenditure Account is an account prepared by a non-trading organisation to ascertain the surplus or deficit for an accounting year.
- It contains all incomes and expenses relating to the current year, whether actually received/paid or not.
APPEARS IN
संबंधित प्रश्न
Income and expenditure contain only ______ items.
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
______ depicts the Capital fund of the organization.
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.
______ account is prepared to ascertain surplus or deficit at the end of an 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.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
