Commerce Exam > Commerce Questions > Income and expenditure account is based ona)C...
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Income and expenditure account is based on
- a)Cash accounting
- b)Management accounting
- c)Accrual accounting
- d)Government accounting
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Income and expenditure account is based ona)Cash accountingb)Managemen...
The correct option is C.
Accrual Accounting. Accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged. The term "accrual" refers to any individual entry recording revenue or expense in the absence of a cash transaction.Income and Expenditure Account is prepared on an accrual basis. All incomes and expenses relating to the accounting year, whether they are actually received and paid or not, are taken into consideration. Expenditure is recorded on the debit side and income is recorded on the credit side.
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Income and expenditure account is based ona)Cash accountingb)Managemen...
Income and expenditure account is based on accrual basis of accounting where as receipt and payment account is based on cash basis of accounting
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Income and expenditure account is based ona)Cash accountingb)Managemen...
The correct option is C.
Accrual Accounting. Accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged. The term "accrual" refers to any individual entry recording revenue or expense in the absence of a cash transaction.Income and Expenditure Account is prepared on an accrual basis. All incomes and expenses relating to the accounting year, whether they are actually received and paid or not, are taken into consideration. Expenditure is recorded on the debit side and income is recorded on the credit side.
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Income and expenditure account is based ona)Cash accountingb)Management accountingc)Accrual accountingd)Government accountingCorrect answer is option 'C'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Income and expenditure account is based ona)Cash accountingb)Management accountingc)Accrual accountingd)Government accountingCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Income and expenditure account is based ona)Cash accountingb)Management accountingc)Accrual accountingd)Government accountingCorrect answer is option 'C'. Can you explain this answer?.
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