income and expediture account is
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An Income and Expenditure Account is the detailed summary of every income and expense incurred by an organisation in a specific financial year. Prepared on an accrual basis, this account records every income and expense in a particular year, irrespective of whether they are clear or not.
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Answer:
An Income and Expenditure Account is the detailed summary of every income and expense incurred by an organisation in a specific financial year.
Explanation:
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