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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.
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
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.
This account is equivalent to the Profit and Loss Account of a business concern.
It contains only revenue items.
Explain the term surplus in Income and Expenditure Account.
Mention any two features of the Income and Expenditure Account.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
