Income and Expenditure Account is prepared on accrual basis (A), after considering adjustments like outstanding, prepaid, depreciation (C), results in surplus or deficit (D), and is prepared from Receipts and Payments Account (E). It includes only revenue items, not capital items, so statement B is incorrect.
Identify the salient features of Income and Expenditure account from the following: A. It is prepared on accrual basis. B. It includes both revenue…
CUET UG 2023 — Accountancy Financial Statements
2023mcqmedium
Identify the salient features of Income and Expenditure account from the following:
A. It is prepared on accrual basis.
B. It includes both revenue as well as capital items.
C. It is prepared after taking into account the additional information regarding outstanding/prepaid expenses and depreciation etc.
D. Its result is surplus or deficit.
E. It is prepared with the help of Receipts and Payments Account.
Choose the correct answer from the options given below:
Official previous-year question
Held on 29 May 2023 · Verified 13 Jul 2026.
Options
- A
A, B, C and D only
- B
A, B, C and E only
- C
B, C, D and E only
- D
A, C, D and E only
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