What do you mean by income and expenditure account
Asked by admin @ in Accountancy viewed by 452 People
What do you mean by income and expenditure account
Answered by admin @
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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