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प्रश्न
This account is equivalent to the Profit and Loss Account of a business concern.
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 is equivalent to the Profit and Loss Account of a business concern. It records all incomes and expenses for a specific period, typically a year, and helps determine whether the organization has a surplus or deficit during that period.
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
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.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
Explain the term surplus in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
Mention any two features of the Income and Expenditure Account.
