Income and Expenditure Account is: Sol:

Related MCQs

• Which of the following statements is/are true? (i) Drawings Account is a Nominal Account (ii) Capital Account is a Real Account (iii) Sales Account is a Nominal Account (iv) Outstanding salaries account is a Nominal Account (v) Patents Account is a Personal Account
• Match List I (Financial Statements and Accounts) with List II (special matters associated with statements and accounts) and select the correct answer using the codes given below the lists: List I List II i) Receipts and Payments Account I. Revenue ii) Income and Expenditure Account II. Cash iii) Club subscription received in III. Liability Advance Account Codes:(i) (ii) (iii)
• The Income and Expenditure Account includes all revenue expenses and income irrespective of its cash flow Sol:
• The process of balancing of an account involves equalization of both sides of the account. If the debit side of an account exceeds the credit side, the difference is put on the credit side. The said balance is (i) A Debit balance (ii) A Credit balance (iii) An expenditure or an Asset (iv) An Income or a Liability
• The Income and Expenditure Account is a summary of cash transactions. Sol:
• The Income and Expenditure Account is always accompanied with a cash flow statement Sol:
• Balance of Income and Expenditure Account shows: Sol:
• Income and Expenditure Account generally indicates: Sol:
• Income and Expenditure Account is preparedly : Sol:
• Income and Expenditure Account is prepared : Sol: