What Is an Income and Expenditure Account?

Answer

An income and expenditure account is a record showing the amounts of money coming in and going out of an organization during a particular period of time. In British companies, it is usually called the profit and loss account, while in US companies; it is called the income statement. This account is credited with all earnings (both realized and unrealized) and debited with all expenses (both paid and unpaid).
Q&A Related to "What Is an Income and Expenditure Account"
Capital expenditures refer to money flowing out of the company to pay for large acquisitions. These include paying cash for new equipment, purchasing a new company vehicle or acquiring
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A statement that records the income and expenditure of an organization such as a charity,whose main purpose is not the generation of profit.
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Money spent on earning revenue.
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In order to publish a statement of all
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Accounting is the book keeping that enables one to keep track of one's assets, liabilities, capital, income and expenditure. In accounting, the public sector consists ...
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