Income and expenditure account

Updated: Aug 20, 2021

This, as its name suggests, is an account of income received and amounts expended by an organization or a person over a given period. It is similar in form to a profit and loss account but with the emphasis on cash, rather than credit, transactions. It would probably ignore such matters as accrued charges, depreciation and adjustments for the portion of payments in advance for which the benefit is outstanding.

Reference: The Penguin Business Dictionary , 3rd edt.

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