Question

income and expenditure account generally show​

Answer 1

Answer:

the income and expenditure account is a summary of all items of income and expenses which relate to the ongoing accounting year. it is prepared with objective of finding out surplus or deficits arising out of current income over current assets.

Answer 2

Explanation:

Income and Expenditure Account is prepared on an accrual basis. All incomes and expenses relating to the accounting year, whether they are actually received and paid or not, are taken into consideration. ... The closing balance of this account shows a surplus or deficit for the year.

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