Unes of Income and Expenditure Account are:
(a) Income and Expenditure Account shows the surplus or deficit arising from the activities of a non-trading concern during a year.
(b) It shows all items of income and expenditure. With the belp of this information, the organisation can take steps to increase income and reduce expenditure.
(c) It serves as the basis for preparing the balance sheet of a non-trading organisation.
(d) It fulfils the statutory requirements because non-trading organisation are legally required to prepare it. (any two)