Income and expenditure account is a ___________ account.
Real
Personal
Nominal
None of these
Special donation is ___________
Revenue income
Capital fund
Capital expenditure
None of the above
Difference between match fund and match expenses is
Income or expense
Capital
Profit
All the income has_________.
Recurring nature
Non recurring nature
Both the above
In preparing the __________, no distinction is made between capital and revenue items.
Trading account
Receipts and payments account
Income and expenditure account
Balance sheet
__________ gives a clear picture of the financial position of the concern.
Profit and loss account
____________ is prepared in the form of a profit and loss account.
____________ usually begins with opening balance of cash in hand / at bank and ends with balance of cash/ bank balance.
Income and expenditure account is __________ account.
Real account
Nominal account
__________ is only a statement and not an account.