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Income and Ex...

Question

Income and Expenditure account is by balance sheet whereas Receipt and Payment account is __by balance sheet

A

not accompanied, not accompanied

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B

accompanied, not accompanied

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C

not accompained, accompanied

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D

accompanied, accompanied

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Solution

The correct option is B accompanied, not accompanied
Receipt and Payment is summarized statement of cash transactions during an accounting year hence it is not accompanied by balance sheet. The account through which surplus or deficit of a non-profit-seeking concern is ascertained is called Income and Expenditure account.

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Similar questions

Q. Which of the following statement is correct and which is incorrect ?
(I) In Receipt & Payment A/c all receipts and payments are shown irrespective of the year to which they pertain.
(II) The difference at Dr. side of Receipt & Payment A/c account is known as surplus or deficit and deducted from capital fund.
(III) Income & Expenditure A/c is always accompanied by balance sheet.
(IV) Going concern assumption is not relevant for accounting of non-profit organization.
Select the correct answer from the options given below.

Q. State whether the following statements are True or False.

Income and expenditure account, prepared by ‘Not for Profit’ concerns, must be accompanied by balance sheet.

Q. (I) In Receipt & Payment A/c all receipts and payments are shown irrespective of the year to which they pertain.
(II) The difference at Dr. side of Receipt & Payment A/c account is known as surplus or deficit and deducted from capital fund.
(III) Income & Expenditure A/c is always accompained by balance sheet.

Select the correct answer.

Q. Income and Expenditure accounts shows a balance of ________________.

What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

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