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Credit is neither an income or an expenditure. It becomes an expenditure when you use it.
expenditure
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What is between revenue and expenditure?
revenue is income and expenditure is an expense
Difference between income and expenditure account and p and l account?
Differences Between Receipts And Payments Account And Income And Expenditure AccountThe following are the main differences between receipts and payments account and income and expenditure account: 1. NatureReceipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account.2. ObjectiveReceipts and payments account is prepared to show cash and bank receipts and payments during the period to derive closing balance of cash and bank. Income and expenditure account is prepared to show the net result of the operation during the period to derive surplus or deficit.3. RecordingAll cash and cheque receipts are recorded on debit side of receipts and payments account where as all cash and bank payments are recorded on credit side. In income and expenditure account all expenditure of revenue nature are recorded on debit side and all incomes of revenue nature are recorded on credit side.4. Capital And Revenue ItemsThere is no distinction between capital and revenue receipts and payments in receipts and payments account. All expenses and incomes of revenue nature are recorded on accrual basis in income and expenditure account.5. ContentsReceipts and payments account contains only cash and bank transactions. Income and expenditure account contains both cash and non-cash expenses and incomes of revenue nature.6. Balance Sheet RequirementReceipts and payments account is not required to prepare balance sheet. Income and expenditure account is required to prepare balance sheet.7. AdjustmentsNo adjustments are required in receipts and payments account. In income and expenditure account adjustments are made because it is prepared on accrual basis.
What happens when expenditure exceeds income?
We can say that the business is in profit
What is difference between P and L statement and income and expenditure statement?
Income and expenditure account is used by not for profit companies as they are formed for not for profit basis that's why they cannot use profit and loss account.
What is the profit and loss account of charity normally called?
Income and expenditure account
What do you mean by income over expenditure or expenditure over income?
income over expenditure is profitexpenditure over income is loss
What is the difference between income and expenditure incurred?
Inflow of money is income . Outflow of money is expenditure
What is between revenue and expenditure?
revenue is income and expenditure is an expense
What is income expenditure?
A statement that records the income and expenditure of an organization such as a charity,whose main purpose is not the generation of profit.
What is the difference between capital income and capital expenditure?
Income is money coming in, expenditure is money going out (spending).
Is it true for an economy as a whole. income equals expenditure because the income of the seller must be equal to the expenditure of the buyer?
Yes
Which financial statement summarises income and expenditure?
income statement
Is saving an injection into and investment a leakage from the income expenditure stream?
Savings are a leakage from the income expenditure stream because they drain on the economy
What is the expenditure of a company whose income for 1 year is Rs108000 and has a profit of 45 percent?
Income is Rs108000. If profit is 45%, then expenditure is 55% Hence expenditure is 55% of Rs108000, or Rs59400.
Distinquish between savings and financial surplus?
This is the difference between Income and Expenditure in a non-profit making business, where the income exceeds expenditure
Income and Expenditure Account Meaning?
Income - is any money being paid into the business. Expenditure is anything paid out - from a paper-clip to a company car
Difference between income and expenditure account and p and l account?
Differences Between Receipts And Payments Account And Income And Expenditure AccountThe following are the main differences between receipts and payments account and income and expenditure account: 1. NatureReceipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account.2. ObjectiveReceipts and payments account is prepared to show cash and bank receipts and payments during the period to derive closing balance of cash and bank. Income and expenditure account is prepared to show the net result of the operation during the period to derive surplus or deficit.3. RecordingAll cash and cheque receipts are recorded on debit side of receipts and payments account where as all cash and bank payments are recorded on credit side. In income and expenditure account all expenditure of revenue nature are recorded on debit side and all incomes of revenue nature are recorded on credit side.4. Capital And Revenue ItemsThere is no distinction between capital and revenue receipts and payments in receipts and payments account. All expenses and incomes of revenue nature are recorded on accrual basis in income and expenditure account.5. ContentsReceipts and payments account contains only cash and bank transactions. Income and expenditure account contains both cash and non-cash expenses and incomes of revenue nature.6. Balance Sheet RequirementReceipts and payments account is not required to prepare balance sheet. Income and expenditure account is required to prepare balance sheet.7. AdjustmentsNo adjustments are required in receipts and payments account. In income and expenditure account adjustments are made because it is prepared on accrual basis.
