Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 18 - No. 49)
Which account is most similar to the Profit and Loss account for commercial entities?
Receipts and Payments account
Income and Expenditure account
Statement of Financial Position
Subscription Account
Explanation
The income and expenditure account records the income and expenses, which results in a surplus or deficit. Similar to a profit and loss account.
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