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Question
Income and Expenditure Account is a ______ account.
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Solution
Income and Expenditure Account is a nominal account.
Explanation:
The Income and Expenditure Account is a nominal account as it records all revenues and expenses of a not-for-profit organisation for a particular accounting period, similar to a Profit & Loss Account in businesses.
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Chapter 2: Accounts of ‘Not for Profit’ Concerns - Exercise 2.1 (Objective Type Questions) [Page 113]
