Question

What is the difference between income and expenditure account?

Answer 1

Income is the income proceeds generated by a non-trading foundation in a monetary year, while expenditure means active costs brought about. These are the premise of an income and expenditure account, and their net equilibrium determined in the present financial year closes shows in case there is an excess or deficiency.

Also see:

• Income and Expenditure Account
• Difference Between Capital Expenditure and Revenue Expenditure
• Classification of Expenditure

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