[amp_mcq option1=”Previous year” option2=”Current year” option3=”Future year” option4=”All the above” correct=”option2″]<\/p>\n
The correct answer is: B. Current year<\/strong><\/p>\n An income and expenditure account is a financial statement that shows the income and expenses of a business for a specific period of time, usually a year. It is prepared by comparing the revenue and expenses for the current year with the revenue and expenses for the previous year. The difference between the two is the net income or loss for the current year.<\/p>\n The income and expenditure account is a useful tool for businesses to track their financial performance and to identify areas where they can improve their profitability. It is also used by investors and creditors to assess the financial health of a business.<\/p>\n A. Previous year: The income and expenditure account includes figures relating to the previous year. This is because the account is prepared by comparing the revenue and expenses for the current year with the revenue and expenses for the previous year.<\/p>\n B. Current year: The income and expenditure account includes figures relating to the current year. This is because the account is prepared by comparing the revenue and expenses for the current year with the revenue and expenses for the previous year.<\/p>\n C. Future year: The income and expenditure account does not include figures relating to the future year. This is because the account is prepared by comparing the revenue and expenses for the current year with the revenue and expenses for the previous year.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”Previous year” option2=”Current year” option3=”Future year” option4=”All the above” correct=”option2″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-46147","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"\n