The equivalent of income and expenditure account in a trading concern is
- trading account
-
profit and loss account
- appropriation account
- balance sheet
The correct answer is: B
Explanation
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. Its equivalent is the profit and loss account .
An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.