Question

income and expenditure account include the amount of 1) current year 2) previous year 3) next year 4) both current year and previous year​

Answer 1

Answer:

I kinda didn't get it....could u be more specific

Answer 2

The income and expenditure accounts include the amount of both the current year and the previous year.

• 4) both the current year and the previous year.
• The income and expenditure account of a business covers the current and past years’ income and expenditure.
• It includes the amount for the current year, the previous year and the budgeted amount for the next year.
• The income and expenditure account will show the net result from a comparison of income and expenditure for the two years.
• It will also enable forecasting of the upcoming year’s results by comparing actual and expected income and expenditure. This helps provide an understanding of the fiscal performance of the business, as well as helps to predict future expenditures.

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