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प्रश्न
What is Income and Expenditure Account?
What do you mean by Income and Expenditure Account?
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उत्तर
- An Income and Expenditure Account is a financial statement used largely by non-trading organizations, such as non-profits, clubs, and societies, to assess their financial success over a given time period, usually a year.
- It records all revenues (income) and spending (expenditure) related to the organization's activities during that time period, determining whether there is a surplus (excess income over expenditure) or a deficit (excess expenditure over income).
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
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.’
How will Income and Expenditure account benefit a non-trading sports organisation?
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
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.
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.
