Question

what do you mean by income and expenditure account​

Answer 1

Income and Expenditure Account is the detailed summary of every income and expense incurred by an organisation in a specific financial year. Prepared on an accrual basis, this account records every income and expense in a particular year, irrespective of whether they are clear or not.

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Answer 2

Answer:

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

Explanation:

An Income and Expenditure Account is the detailed summary of every income and expense incurred by an organisation in a specific financial year. Prepared on an accrual basis, this account records every income and expense in a particular year, irrespective of whether they are clear or not.

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