Question

features of income and expenditure account​

Answer 1

Answer:

The main features of income and expenditure account can be highlighted as follows: • No Opening Balance. Opening balance is not require to prepare income and expenditure

account.

• Accrual Basis. ..

• Based On Receipt And Payment Account. ...

• Non-cash Items....

• Debit And Credit Rule....

• No Capital Transactions. ...

• Only Current Year's Transactions.