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What is Income / Expense Statement?



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Educational Institutions, N.G.O.s, Trusts etc. are non-profit organisations. They are nor engaged in trading of goods or services. Their books of accounts comprises of Income earned and Expenses incurred during a given period. So, Income / Expense Statements of accounts are appropriate in lieu of P/L Accounts for them.
For I / E Statement, we have to press F11 and set - yes - Income/Expense Statement in stead of P & L.

2 Answer(s)


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An income statement is also known as profit or loss statement , revenue statement or operating statement.
it is one of the financial statement of a company and shows the company revenues and expenses during a particular period.

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income/expense statement is a statement which shows the net revenue and loss of the entity.it also known as profit/loss statement&revenue statement.

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