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प्रश्न
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
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उत्तर
- The Receipts and Payments Account is a summary of cash receipts and payments, whereas the Income and Expenditure Account is similar to a trade company's Profit and Loss Account.
- The Account of Receipts and Payments is a real account, whereas the Account of Income and Expenditure is a nominal account.
- The Receipts and Payments Account solely has cash items, whereas the Income and Expenditure Account has both cash and non-monetary items.
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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.
The closing balance of this account shows surplus/deficit ______.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How is Receipts & Payments Account different from Income & 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.
What is 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.
