Income and expenditure account is a type of ______
A)Balance sheet
B)Receipts and payment
C)Profit and loss account
D)None of these

Name: Income and expenditure account is a type of ______ A)Balance sheet B)Receipts and payment C)Profit and loss account D)None of these
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Question

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An income and expenditure account is essentially a type of profit and loss account used by non-profit organizations to ascertain their net surplus or deficit during a period, reflecting their financial performance.

Income and Expenditure Account Is a Type of ______