Income and Expenditure Account

Accounting for Clubs and Societies

MS: Akaun Pendapatan dan Perbelanjaan · EN: Income and Expenditure Account · ZH: 收入与支出账户

Meaning

The Income and Expenditure Account shows all revenue income and revenue expenditure for the current year on the accrual basis. It is the club's equivalent of a Profit and Loss Account. Its balance shows a surplus if income exceeds expenditure, or a deficit if expenditure exceeds income.

Example

For example, Alam Hijau Club has income (subscriptions and donations) of RM8,000 and expenditure (rent, utilities, depreciation) of RM6,500. The surplus of RM1,500 is transferred to increase the Accumulated Fund.

Source: DSKP KSSM Prinsip Perakaunan Tingkatan 5

Other terms in this chapter

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