Multiple choice

Income and expenditure account includes figures relating to

  1. previous year

  2. current year

  3. future year

  4. all of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Income and Expenditure Account is prepared on an accrual basis for a specific period. It only includes income and expenses that relate to the current accounting year, excluding any amounts for previous or future years.

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