Question

The credit balance of an income and expenditure account indicates Deficit ​

Answer 1

Answer:

Definition and Explanation:

The balance of the account, if credit, indicates surplus, i.e. excess of income over expenditure. Conversely, the balance of the account, if debit, indicates deficit, i.e. excess of expenditure over income.

Answer 2

Answer:

Definition and Explanation:

The balance of the account, if credit, indicates surplus, i.e. excess of income over expenditure. Conversely, the balance of the account, if debit, indicates deficit, i.e. excess of expenditure over income.

Explanation: