It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.

Question

KollegeApply · Accepted Answer

Income and Expenditure Account Explanation: 1. Income and Expenditure Account is an account prepared by a non-trading organisation to ascertain the surplus or deficit for an accounting year. 2. It contains all incomes and expenses relating to the current year, whether actually received/paid or not.

AChoose Your Answer