The equivalent of income and expenditure accoun... - WAEC Accounting 2012 Question
The equivalent of income and expenditure account in a trading concern is
A
trading account
B
profit and loss account
C
appropriation account
D
balance sheet
correct option: b
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. Its equivalent is the profit and loss account .
An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.
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