Question

What is income and expenditure account explain its main characteristics?​

Answer 1

Answer:

Characteristics of Income and Expenditure Account

It's nature similar to the Profit and Loss Account as made by the for-profit concerns. ... Unlike the Receipts and Payments Account, it does not start with an opening balance and ends with a closing balance. It strictly follows the accrual basis of accounting.

Answer 2

Explanation:

It's nature similar to the Profit and Loss Account as made by the for-profit concerns. ... Unlike the Receipts and Payments Account, it does not start with an opening balance and ends with a closing balance. It strictly follows the accrual basis of accounting.