Question

Write any four characteristic of income expenditure account​

Answer 1

Features of Income and Expenditure Account ...

▪️Income and expenditure account is a nominal account prepared by NPO....i.e Non profit organisations....

▪️ It records all incomes and expenses of NPO during particular period...All incomes recorded under credited side while debited side records all expenses ....

▪️ It is related with profit and loss account.

▪️ It involves surplus and deficiency i.e if income>expenses then it is surplus...while income< expenses then it is defecit of NPO....

Hope its helps u ..✌️