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Questions
Give any two uses of Income and Expenditure Account.
Explain any two uses of the Income and Expenditure Account.
Solution
Following are the two uses of Income and Expenditure Accounts:
- It serves as a visual representation of the non-profit organization's surplus or deficit following a specific time frame, usually a fiscal year.
- It displays all of the income, expenses, and outlays for that specific fiscal year, whether or not they are due.
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