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what is expenditure account Related: NCERT Solution - Accounting for ...
The Income and 
Expenditure Account
 is a summary of all items of incomes and expenses which relate to the ongoing accounting year. It is prepared with the objective of finding out the surplus or deficit arising out of current incomes over current expenses. ... Income and 
Expenditure Account
 is a nominal 
account
.
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what is expenditure account Related: NCERT Solution - Accounting for Not-for-Profit Organisation (Part - 1)?
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