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

Accounts - Principles of Accounts
JAMB 2023

One of the options below have the same features as the profit and loss account in non-profit organization

  • A. non profit account
  • B. profit and loss account
  • C. income and expenditure account
  • D. receipts and payment account
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Correct Answer: Option C
Explanation

The income and expenditure account shows the summary of revenue and running costs of a non-profit making organization. It follows the same principles as the profit and loss account of a trading concern.

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WAEC offline past questions - with all answers and explanations in one app - Download for free
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709