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Income and Expenditure account is the same as the --------- of a sole trader

Accounts - Principles of Accounts
JAMB 2023

Income and Expenditure account is the same as the --------- of a sole trader

  • A. balance sheet
  • B. trading account
  • C. profit and loss account
  • D. cash book
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Correct Answer: Option C
Explanation

The income and expenditure account shows the summary of revenue and running cost 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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Post UTME Past Questions Agent
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now