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One of the options below have the same features as the profit and loss account...

Accounts - Principles of Accounts
JAMB 2017

One of the options below have the same features as the profit and loss account in non-profit organization
  • A. Income and expenditure account
  • B. profit and loss account
  • C. receipts and payment account
  • D. Non profit account
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Correct Answer: Option A
Explanation
Income and expenditure : This is the type of account that operate same features as the profit and loss account it takes in consideration all arrears and prepayments

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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts