Final accounts prepared for professionals is termed as __________ Account and not Income and Expenditure Account.

Profit and loss

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Receipt and expenditure

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Profit and loss appropriation

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Capital Revenue

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Solution

The correct option is B Receipt and expenditure
Receipt and Expenditure is simply a summary of the cash transactions as in the cash book, analyzed and classified under suitable heading, including the opening and closing balances.

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Distinguish between Income and Expenditure Account and Profit and Loss Account.

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