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Question
Income and Expenditure account is similar to __________ account.
Income and Expenditure account is similar to __________ account.
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Solution
The correct option is A Profit & loss account
Every business have to make its financial statement at the end of every year which includes profit & loss account and balance sheet.
Profit & Loss account is prepared by the trading and manufacturing organizations.
Where there is no trading activity, Income and Expenditure account is prepared. Normally all professionals like CA's , doctors, lawyers are preparing the Income & Expenditure account.
Income & Expenditure account is similar to profit & loss account.
Every business have to make its financial statement at the end of every year which includes profit & loss account and balance sheet.
Profit & Loss account is prepared by the trading and manufacturing organizations.
Where there is no trading activity, Income and Expenditure account is prepared. Normally all professionals like CA's , doctors, lawyers are preparing the Income & Expenditure account.
Income & Expenditure account is similar to profit & loss account.
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