Multiple Choice Questions on Income amp Expenditure A c is a mdash ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Income amp Expenditure A c is a mdash ........

General Accounting Principles Not for profit organisation
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    Income & Expenditure A/c is a— 

    Personal A/c

    Incorrect Answer

    Real A/c

    Incorrect Answer

    Nominal A/c 

    Correct Answer

    None of these

    Incorrect Answer
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    Explanation:

    It is a Nominal Account. It is in the form of Profit and Loss Account. It is concerned with only revenue items—expenses and incomes. It records all losses and expenses on its debit side and all incomes and gains on its credit side.

    By: Subhash Singh
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