income and expenditure account

income and expenditure account income and expenditure account account1

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income and expenditure account UK US noun [C]
ACCOUNTING a record of money received and spent by a business or organization during a particular period: »

We find, after closing up our income and expenditure account, that we have a surplus of $24K.

Compare PROFIT-AND-LOSS ACCOUNT(Cf. ↑profit-and-loss account)

Financial and business terms. 2012.

Look at other dictionaries:

  • income and expenditure account — a summary account of the revenue and running costs of a non profit making concern such as a club or society. It serves the same function as a profit and loss account in business. Collins dictionary of law. W. J. Stewart. 2001 …   Law dictionary

  • income and expenditure account — An account, similar to a profit and loss account, prepared by an organization whose main purpose is not the generation of profit. It records the income and expenditure of the organization and results in either a surplus of income over expenditure …   Accounting dictionary

  • income and expenditure account — An account, similar to a profit and loss account, prepared by an organization whose main purpose is not the generation of profit. It records the income and expenditure of the organization and results in either a surplus of income over expenditure …   Big dictionary of business and management

  • income and expenditure account — Fin a financial statement for nonprofit entities such as clubs, associations, and charities. It shows the surplus or deficit, being the excess of income over expenditure or vice versa, for a period, and is drawn up on the same accruals basis as a …   The ultimate business dictionary

  • consolidated income and expenditure account — The information contained in the individual income and expenditure accounts of a group of organizations combined by consolidation into a single document for the group. This is subject to any necessary consolidation adjustments …   Accounting dictionary

  • profit-and-loss account — UK US noun [C] UK (US profit and loss statement) ► ACCOUNTING, FINANCE a document that shows a company s profit or loss in a particular period: »This loss would be shown as a charge in the profit and loss account. → See also EARNINGS REPORT(Cf.… …   Financial and business terms

  • receipts and payments account — Fin a report of cash transactions during a period. It is used in place of an income and expenditure account when it is not considered appropriate to distinguish between capital and revenue transactions or to include accruals …   The ultimate business dictionary

  • profit and loss account — 1. A statement showing a company s income and expenditure over a period of time, usually one year. Part of the financial statements of the company. Dresdner Kleinwort Wasserstein financial glossary 2. A reserve in a company s balance sheet,… …   Financial and business terms

  • profit and loss account — /ˌprɒfɪt ən lɒs əˌkaυnt/ noun the accounts for a company showing expenditure and income over a period of time, usually one calendar year, balanced to show a final profit or loss. Also called P&L account (NOTE: The US term is profit and loss… …   Dictionary of banking and finance

  • Measures of national income and output — A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), and net national income (NNI). All are… …   Wikipedia

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