Complete the sentence: Income and Expenditure Account is a _____.
Q.1 (B) (2) Complete the sentence: Income and Expenditure Account is a _____.
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Answer: nominal account
Like the Profit and Loss Account, the Income and Expenditure Account records incomes and expenses of the current year only (on the accrual basis), so it is a nominal account. Its balance is a surplus or deficit.
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· 28 Oct 2026
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