income and expenditure | BTCC Learning Hub

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What is income and expenditure account?

The income and expenditure account is the final account for a non-profit organization. The final account of a business enterprise is called a trading and profit and loss account, while in the case of a non-trading enterprise, it is known as an income and expenditure account.

What is an income and expenditure summary statement?

If the account is prepared in report form, it is called an income and expenditure summary statement. In this form, all incomes are recorded first and then all expenditures are recorded. The balance of the income and expenditure account is ascertained. If income exceeds expenditure, there is a surplus balance (or excess of income over expenditure).

What is an income end expenditure account?

An income end expenditure account is simply another name for the expense and revenue summary of a non-trading concern. This is prepared on the lines of expense and revenue summary. All incomes received from receivables and all expenses paid or payable are accounted for at the end of the period it covers.

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What is income and expenditure account?

What is an income and expenditure summary statement?

What is an income end expenditure account?

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