Question

Income and Expenditure Account reveals :

Answer 1

Answer:

income and expenditure account can be defined as an account that reveals surplus or dedict of a non-trading concern by matching incomes and expenses of a specified accounting period.

Explanation:

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Answer 2

Answer:

Income and expenditure account reveals surplus or deficiency.

Explanation:

To exhibit income and spending, an income and expenditure account is created. A surplus is when income exceeds expenditures, and a deficit is when expenditures exceed income.

Nonprofits often use the terms "surplus" and "deficit. In for-profit plans, it is sometimes known as an income statement or a profit and loss statement.

Financial statements that reflect funding, cost of funding, gross surplus, operating expenses, and surplus or deficit are called income statements.

is the gross surplus less taxes and operating costs. If it's positive, the outcome is a surplus; if it's negative, a deficit.

Surplus is the difference between your revenue and expenses.

When your expenditure exceeds your income, you have a deficit.

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