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"
It is a financial statement and a part of the final accounts of a business.It is also known as the profit and loss statement/account and,under the new IAS,is known as the statement
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An income and expenditure account lists a company's sales and expenses during a period of time. A tally of this account measures a company's net income. Some income and expenditure
http://www.ehow.com/how_5200518_prepare-income-exp...
Income and expenditure account is merely another
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i work in accounts and i would automatically think it is comparing what you spend to what is coming into the bank to identify whether you are getting a profit or loss.
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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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