Question

differentiate between income expenditure account and profit per account​

Answer 1

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Income and expenditure account is prepared by not -for profit organisation whose aim is not to earn money. Profit and loss account is prepared by business whose aim is to earn money. Profit and loss account is prepared on the basis of trial balance and some other information.

Answer 2

Answer:

on an accrual basis. ... Expenditure is recorded on the debit side and income is recorded on the credit side. A distinction is made between capital and revenue items and only revenue items are included in this account. Income and Expenditure Account is a nominal account.

Explanation:

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