Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 6 - No. 38)
Which of the following is a key step in preparing an income and expenditure account?
Calculating the bank balance.
Adjusting for accruals and prepayments.
Creating a cash flow forecast.
Preparing a balance sheet.
Explanation
Adjusting for accruals and prepayments is key to the income and expenditure account preparation.
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