Income and Expenditure account is the same as the -------...
Income and Expenditure account is the same as the --------- of a sole trader
balance sheet
trading account
profit and loss account
cash book
Correct answer is C
The income and expenditure account shows the summary of revenue and running cost of a non-profit making organization. It follows the same principles as the profit and loss account of a trading concern.
Which of the following are advantages of departmental accounts? ...
Which of the following is not a factory overhead cost? ...
The process whereby a cheque received by one person is given to another is known as? ...
Which of the following are impersonal accounts ? I. Investment II. Creditors III. Premises IV. D...
Aminu and Sons credit purchases (Extract] as at February 1996. Feb 1Credit balances 40,000 Debit...
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} &am...