Briefly explain the difference between receipt & payment and
income & expenditure account.
Answer Posted / 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.
Is This Answer Correct ? | 18 Yes | 1 No |
Post New Answer View All Answers
examole of cash to cash contra entry
Re: CST RATE IS 1 % IF C FORM IS RECEIVABLE. IF C FORM IS NOT RECEIVED FULL AMOUNT WHAT WILL BE THE RATE OF CST
What is the difference between inactive accounts and dormant account?
During execution of Works Contract,If Contractee(Customer) supply goods to contractor, then it should be shown in Invoice as deduction or no need to show in Invoice.
What is depreciation and how many types are there. Please give details?
what is turn over? what is vat? what should ido to become a expert in acount? plese ans me
what is the due date of 28th feb
rents part of its building for a monthly fee of $1,250. The rent for the month just past has not been received.
What are the uses of journal in accounting?
Explain what is gaap?
what are the limitations of accounting ratios?
Explain me fair value accounting?
IS THERE ANY DIFFERENCE BETWEEN PAID UP CAPITAL AND PAID IN CAPITAL?
What are accounting rules called?
Tell me what do you think is bank reconciliation statement?