CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Analysing Statement of Profit and Loss

State the nat...

Question

State the nature of Income and Expenditure Account.

Open in App

Solution

It is like a Profit and Loss Account of a profit seeking entity. It is a nominal account.

Suggest Corrections

thumbs-up

4

Similar questions

State the meaning of Income and Expenditure Account.

Q. State True or False:
Receipts and payments account highlights total income and expenditure.

Q. Income and Expenditure Account records income and expenditure items of ______________.

Q. State whether the following statements are True or False.

There is no difference between Receipts and Payment Account and Income and Expenditure Account.

Q. Income and Expenditure Account belongs to ______ account.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Statement of Profit and Loss

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Analysing Statement of Profit and Loss

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon