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Question
This account is equivalent to the Profit and Loss Account of a business concern.
Options
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
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Solution
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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RELATED QUESTIONS
Income and expenditure contain only ______ items.
______ depicts the Capital fund of the organization.
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 will Income and Expenditure account benefit a non-trading sports organisation?
How is Receipts & Payments Account different from Income & Expenditure Account?
Explain the term surplus in Income and Expenditure Account.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
