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income and expenditure vs income and expense

Both "income and expenditure" and "income and expense" are correct phrases, but they are used in slightly different contexts. "Income and expenditure" is commonly used when referring to a detailed financial report that includes both income (money received) and expenditure (money spent). On the other hand, "income and expense" is more commonly used in everyday language to talk about personal finances or business transactions.

Last updated: March 31, 2024 • 667 views

income and expenditure

This phrase is correct and commonly used when referring to a detailed financial report that includes both income and expenditure.

This phrase is typically used in the context of financial accounting or reporting to describe the money received (income) and the money spent (expenditure).

Examples:

  • The company's annual financial statement shows a detailed breakdown of income and expenditure.
  • We need to analyze the income and expenditure data to understand our financial situation.
  • The government's budget includes projections for income and expenditure for the upcoming fiscal year.
  • A reform of income and expenditure policy really is needed.
  • Accounts for both income and expenditure may only be opened for the purpose of budgetary implementation.
  • have income and expenditure in balance.
  • Furthermore, the research tax credit is taken into account in the LNE's income and expenditure.
  • They audit national income and expenditure which may also include a European portion.
  • It will only divide up EU income and expenditure in a new way, but we cannot object to that in principle.
  • The difference between income and expenditure is borne by the members, who pay annual contributions, which means a reduction in their income.
  • The Commission shall also keep this Regulation under continual review in the light of significant information becoming available in relation to underlying assumptions for anticipated income and expenditure of the Agency.
  • Such groups, belonging to organised civil society, are engaged in the public monitoring of the government's income and expenditure in terms of the development goals.
  • The final beneficiaries shall keep certified copies of the accounting documents justifying income and expenditure incurred by the partners in relation to the project concerned.
  • A certified copy of the invoice must be attached to the statement of income and expenditure and forwarded to the Commission.
  • Restricting income and expenditure impacts directly on all countries, because it requires changes to the structure of financing cohesion policy and restricting its scope.
  • Mr President, Commissioner, ladies and gentlemen, to jointly debate the system of own resources and the next budget at the point of conciliation reinforces the idea that income and expenditure are two sides of the same coin.
  • The Court of Auditors may have had many criticisms to make of various accounting rules and of the system itself, but it always used to confirm that the completed accounts were a true and faithful record of income and expenditure.
  • On the financial side, I should like to say that obviously the issue of fair contributions and a balanced budget in terms of both income and expenditure forms part of the Agenda debate.
  • The Annex to this Regulation shall be reviewed periodically to ensure that significant information related to the underlying assumptions for anticipated income and expenditure of the Agency is duly reflected in the amounts of fees or charges levied by the Agency.
  • The deficit of EUR 1,6 million to which Le Monde referred is the difference between contributions and expenditure, not income and expenditure.
  • that the expected income and expenditure pertaining to the business of the CO are favourable;
  • Main Responsibility of the division is the preparation of the annual budget for the Ministry of Defence, the co-ordination of its implementation and the keeping of all accounting records relating to income and expenditure, assets and liabilities.
  • 2. By 31 March each year at the latest, the Director shall submit to the Council for information, and to the Board the detailed accounts of all income and expenditure from the previous financial year and the report on the Centre's activities.

Alternatives:

  • revenue and expenses
  • earnings and outlays
  • profits and costs
  • receipts and disbursements
  • cash inflow and outflow

income and expense

This phrase is correct and commonly used in everyday language to talk about personal finances or business transactions.

This phrase is often used in informal contexts to refer to the money received (income) and the money spent (expense) in personal or business finances.

Examples:

  • I need to track my income and expenses to create a budget.
  • The company's income and expenses for the month are within the projected range.
  • Managing income and expenses is essential for financial stability.
  • When items of income and expense are material, their nature and amount shall be disclosed separately.
  • An entity shall present all items of income and expense recognised in a period:
  • A statement of changes in equity that comprises only these items shall be titled a statement of recognised income and expense.
  • the recognised assets, liabilities, income and expense (and, if it presents its cash-flow statement using the direct method, cash flows) arising from insurance contracts.
  • The profit (loss) before income tax shall include all extraordinary income and expense items.
  • Share of other recognised income and expense of entities accounted for using the equity method
  • An entity considers factors including materiality and the nature and function of the items of income and expense.
  • An entity shall recognise all items of income and expense in a period in profit or loss unless an IFRS requires or permits otherwise.
  • Circumstances that would give rise to the separate disclosure of items of income and expense include:
  • material items of income and expense disclosed in accordance with paragraph 97 of IAS 1 Presentation of Financial Statements (as revised in 2007);
  • This Standard requires all items of income and expense recognised in a period to be included in profit or loss unless another Standard or an Interpretation requires otherwise.
  • its accounting policies for insurance contracts and related assets, liabilities, income and expense.
  • For practical reasons, a rate that approximates the exchange rates at the dates of the transactions, for example an average rate for the period, is often used to translate income and expense items.
  • each item of income and expense for the period that, as required by other standards or by interpretations, is recognised directly in equity, and the total of these items;
  • It now allows actuarial gains and losses to be recognised, in full, in a statement of recognised income and expense outside the income statement, that is, actuarial gains and losses can be recognised directly in equity.
  • Such exchange differences arise both on income and expense items recognised in profit or loss and on those recognised directly in equity;
  • total income and expense for the period (calculated as the sum of (a) and (b)), showing separately the total amounts attributable to equity holders of the parent and to minority interest; and
  • Income and expense items are not offset unless the criteria in paragraph 32 are met.
  • Income and expense items shall not be offset except for those relating to hedges and to assets and liabilities that have been offset in accordance with IAS 32.
  • Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs.

Alternatives:

  • revenue and costs
  • earnings and expenditures
  • profits and outgoings
  • receipts and payments
  • cash flow and outlay

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