Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 20 - No. 23)
Which of the following is *not* a key purpose of the income and expenditure account for a club?
To determine if the club has a surplus or deficit.
To show the income and expenditure of the club for a period.
To calculate the value of assets.
To compare income and expenses.
Explanation
The calculation of the value of assets is the goal of the balance sheet, not the income and expenditure account.
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