The difference between an income statement and an income and expenditure account is that
An income and expenditure account is an international term for an Income statement
An income statement is prepared for a business and an income and expenditure account is prepared for a not for profit making organisation.
An income statement is prepared on an accruals basis and an income and expenditure account is prepared on a cash flow basis.
An income statement is prepared for a manuf acturing business and an income and expenditure account is prepared for a non manufacturing business
