Excess of income over expenditure is termed as
Asked by admin @ in Accountancy viewed by 453 People
Excess of income over Expenditure is termed as ________. (Fill in the blank by choosing correct option)
a) deficit
b) profit
c) surplus
d) loss
Answered by admin @
Answer:
surplus
option C
Explanation:
Excess of income over Expenditure is termed as surplus
Surplus : excess of income over expenditure.
Deficit : excess of expenditure over income.
All the information necessary for preparation of this account will be available from ledger accounts.
Its left-hand (i.e. Debit) side records all revenue expenditure,
while the right-hand (i.e. Credit) side records all revenues relating to the current year.
The balance of the account, if credit, indicates surplus, i.e. excess of income over expenditure.
While the balance of the account, if debit, indicates deficit, i.e. excess of expenditure over income.
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