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Question

Income and Expenditure account is ______ to account like Profit and Loss account.

A
real
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B
personal
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C
nominal
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D
expense
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Solution

The correct option is B nominal
Income and Expenditure Account is a Nominal Account which is prepared at the end of the accounting period by a Not-For-Profit Organisation to ascertain the surplus, i.e., excess of income over expenditure, or the deficit, i.e. Excess of expenditure over income.

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