Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 12)
What is the purpose of an income and expenditure account?
To show the assets of a club.
To show the cash and bank transactions.
To determine the profit or loss for a period.
To show the liabilities of a club.
Explanation
The income and expenditure account is created to work out the profit or loss for a period.
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