List any two features of Income and Expenditure account.
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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.
Answered by
6
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
Explanation:
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