Trading account and i&e a/c

Cost Accountant (Student) (92 Points)

20 June 2015  

Statement 1:

"Trading Account is like a statement which is divided in two parts i.e. Income part and Expenditure Part."

Statement 2:  "Income and Expenditure A/c is same as P&L A/c."

 

So this means :

Trading A/c = I&E A/c = P&L A/c.

 

Is this true?? I mean, Do all 3 have the same meaning..?