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Income and expenditure account is based on
  • a)
    Accrual accounting
  • b)
    Management accounting
  • c)
    Cash accounting
  • d)
    Government accounting
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Income and expenditure account is based ona)Accrual accountingb)Manage...
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. It is prepared as a part of final accounts of non-trading concerns and is equivalent to profit and loss account prepared by for-profit business enterprises. The accrual concept of accounting is strictly followed while preparing income and expenditure account of non-trading entities.
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Income and expenditure account is based ona)Accrual accountingb)Management accountingc)Cash accountingd)Government accountingCorrect answer is option 'A'. Can you explain this answer?
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Income and expenditure account is based ona)Accrual accountingb)Management accountingc)Cash accountingd)Government accountingCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Income and expenditure account is based ona)Accrual accountingb)Management accountingc)Cash accountingd)Government accountingCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Income and expenditure account is based ona)Accrual accountingb)Management accountingc)Cash accountingd)Government accountingCorrect answer is option 'A'. Can you explain this answer?.
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