State the nature of Income and Expenditure Account.

Q. State True or False:
Receipts and payments account highlights total income and expenditure.

Q. Income and Expenditure Account records income and expenditure items of ______________.

Q. State whether the following statements are True or False.

There is no difference between Receipts and Payment Account and Income and Expenditure Account.

Q. Income and Expenditure Account belongs to ______ account.

Q. Income and Expenditure account is similar to __________ account.