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Who prepare income and expenditure account and for what?
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Answer Posted / nalini reddy
1)"income is the sum of all the wages, salaries, profits,
interests payments, rents and other forms of earnings
received... in a given period of time.'' For firms, income
generally refers to net-profit: what remains of revenue
after expenses have been subtracted.
2)Capital expenditures (CAPEX or capex) are expenditures
creating future benefits. A capital expenditure is incurred
when a business spends money either to buy fixed assets or
to add to the value of an existing fixed asset with a
useful life that extends beyond the taxable year.
And prepared by Accounts department.
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