Income is the output of excess or deficiency of revenue over related:

Related MCQs

• The deficiency shown by deficiency account will be equal to the deficiency revealed by
• Excess of income over expenditure of non trading concern is called _______
• In case of a Club, the excess of expenditure over income is called as
• In not-for-profit organisation, excess of expenditure over income is called : Sol:
• In not-for-profit organisations, excess of expenditure over income is called—
• The Income and Expenditure Account includes all revenue expenses and income irrespective of its cash flow Sol:
• If the provision for income tax for 2013 is Rs.30,000 and for 2014 is Rs.40,000; and income tax of Rs.25,000 is paid during the year 2014 in respect of year 2013, the amount of to be debited to the Profit and Loss Adjustment Account as “Provision for Income Tax” to find out “Funds from Operation” will be
• Net worth of an organization means the excess of its total assets over total:
• In non – profit organizations excess of assets over liabilities is called
• Excess of asset over liability is called