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State any two uses of Income and Expenditure Account.
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asked
Aug 23, 2018
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Class 12
by
kratos
State any two uses of Income and Expenditure Account.
accounting software package
class-12
accounts of not for profit concerns
accounting for not for profit organisation
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Feb 23, 2020
by
kratos
Best answer
Two uses of Income & Expenditure A/c are :
It shows the surplus of deficit of the non-commercial organizations during the accounting year.
It serves as the basis for preparing the balance sheet at the end of the accounting year.
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