Question

This account is equivalent to the Profit and Loss Account of a business concern.

पर्याय

• Receipts and Payments Account

• Income and Expenditure Account

• Balance Sheet

• None of these

Answer 1

Income and Expenditure Account

Explanation:

The Income and Expenditure Account is equivalent to the Profit and Loss Account of a business concern. It records all incomes and expenses for a specific period, typically a year, and helps determine whether the organization has a surplus or deficit during that period.