Income and expenditure account - class-XII
Income and Expenditure account is ______ to account like Profit and Loss account.
In Income and Expenditure account all Expenditure are recorded on ______________.
Any revenue expense for which a separate fund is available will be ___________.
Non-trading institutions prepare ___________.
The revenue receipts are to be shown on ______side.
Income and Expenditure Account belongs to ______ account.
Income and Expenditure accounts shows a balance of ________________.
Income and Expenditure account is ________ by balance sheet whereas Receipt and Payment account is __________by balance sheet
The balance of Income and Expenditure account represents:
Income & Expenditure A/c is prepared by transfer of :
(I) Nominal accounts
(II) Real accounts
(III) Personal accounts
The correct answer is ___________________.
Specific donations received will appear on ____________.
Rs. 1,00,000 received as the annual membership subscription. Out of this Rs. 20,000 is pertaining to the previous accounting period, whereas Rs. 10,000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting year.
Given : Stock of stationery on Jan. 1, 2015 Rs 200; payments for stationery during 2015 Rs 1,000; and stock of stationery on Dec. 31, 2015 Rs 50.
What will be the amount posted to Income and Expenditure A/c for the year ending Dec. 31, 2015?
Income and Expenditure Account records income and expenditure item of ____________________.
The income and expenditure account is prepared on the basis of __________ system of accounting.
Surplus revealed by Income and expenditure account ___________.
Income and Expenditure Account is prepared on ____________.
Professional people like solicitors, doctors, company secretary, cost accountant, chartered accountants etc., prepare for themselves ___________ which is a modified form of Income & Expenditure A/c prepared by non-trading concerns.
Income and Expenditure Account is equivalent to ____________.
Which of the following is the accounting equation for a non-profit organization ?
The capital of a non-profit organization is generally known as __________.
Surplus of Income and Expenditure Account is deducted from the capital/general fund.
State True or False:
Scholarships granted to students out of funds provided by government will be debited to Income and Expenditure Account.
If there appears a sports fund, the expenses incurred on sports activities will be shown on the debit side of Income and Expenditure Account.
Income and expenditure accounts show ______________.
Given : Stock of stationery on Jan. 1, 2015 Rs 400
Stock of stationery on Dec. 31, 2015 Rs 100
Payment for stationery during 2015 Rs 1,200
Creditors for stationery on Dec. 31, 2015 Rs 150.
What is the amount of stationery that will be posted to the Income and Expenditure A/c for the year ending Dec. 31, 2015?