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The loss made by a non profit making organization is called

Accounts - Principles of Accounts
JAMB 2015

The loss made by a non profit making organization is called

  • A. deficit
  • B. surplus
  • C. discount
  • D. shortage
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Correct Answer: Option A
Explanation

A deficit occurs for a nonprofit organization whenever its expenses exceed its revenue . deficit in a non for profit making organization stands for loss and it is the excess of expenses over bar profit and other income.

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