Concept:Income and expenditure account is the non-trading equivalent of a trading concern's profit and loss account.Explanation:Non-trading concerns prepare an income and expenditure account to determine surplus or deficit for a period.It records all revenue incomes and expenses, similar to how a trading concern records revenues and expenses.A trading concern prepares a profit and loss account to show its net profit or net loss for the period.Therefore, the profit and loss account is the exact equivalent in a trading concern.Answer:B. profit and loss account