Practicing Success
The Income and Expenditure statement of a NPO is : |
Nominal Account Real Account Income Statement Financial Statement |
Nominal Account |
The income and expenditure account is prepared by the non-trading entities to determine surplus or deficit of income over expenditures for a particular time frame. The accumulated or accrual concept of accounting is rigidly pursued while preparing income and expenditure a/c of non-trading concerns. It is nominal account. |