Answer / h.r. sreepada bhagi

Receipt & Payment is the abstract of movement of funds
during an accounting period - It covers all Payments &
Receipts by cash & through bank. It shows net inflow or out
flow of money during that period

Where as Income & Expenditure is the abstract of operations
during an accounting period. It covers all income & expenses
related to that period, whether or not it is paid in that
period. It shows excess of Income over expenditure or excess
of expenditure over income during that period.

Answer / aparna tiwari

receipt& paymnet a/c is a cash a/c whereas income &
expenditure a/c is a P/l a/c.

Answer / arjun

income and expenditure a/c is based on accruel basis while
receipts and payment ac is based on cash basis.

Is there any circumstance where an accountant is allowed to depart from accounting standards while preparing financial statements? If yes explain why, if no explain no.

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