Advertisements
Advertisements
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.’
Advertisements
उत्तर
No, the opening and closing balances of cash in hand and cash at the bank are not shown in the Income and Expenditure account. Its final balance reflects the year's surplus or deficit. The opening and closing balances are shown in the Receipts and Payments Account.
APPEARS IN
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
Explain any two features 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.
The closing balance of this Account shows surplus or deficit for the year.
If the total of ______ side is greater than the total of ______ side, it is called ‘surplus’ or ‘excess of income over expenditure’.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
