Income and expenditure matches all _____ receipts against _ payments pertaining to the relevant accounting years.

revenue, revenue

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cash, cash

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cash, credits

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credit, cash

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Solution

The correct option is A revenue, revenue
Income and expenditure account is prepared for the professionals which does not have any trading account. It records all revenue receipts against the revenue expenditure of the particular year.

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Similar questions

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. 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.

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

Q. Income and Expenditure A/c records receipts and payments of _________ .

Receipts and payments account shows a payment for stationery amounting to Rs. 40,000 and there is an opening and closing stationery amounting to Rs. 12,000 and Rs. 15,000. What is the amount to be considered as an expense in income and expenditure account?

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Income and expenditure matches all ___________ receipts against _______ payments pertaining to the relevant accounting years.

The correct option is A revenue, revenueIncome and expenditure account is prepared for the professionals which does not have any trading account. It records all revenue receipts against the revenue expenditure of the particular year.

Income and expenditure matches all _____ receipts against _ payments pertaining to the relevant accounting years.

The correct option is A revenue, revenue
Income and expenditure account is prepared for the professionals which does not have any trading account. It records all revenue receipts against the revenue expenditure of the particular year.