From Longman Business Dictionaryincome and expenditure accountˌincome and exˈpenditure acˌcount [countable] FINANCE a record showing the amounts of money coming into and going out of an organization, during a particular period of time. In British companies, this is usually called the PROFIT AND LOSS ACCOUNT; in US companies, it is called the INCOME STATEMENTThe Society’s Income and Expenditure Account for the year ended 31 December shows a surplus of £3.7 million. → account
