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The equivalent of income and expenditure account in a limited liability company is 

Accounts - Principles of Accounts
WAEC 2024

The equivalent of income and expenditure account in a limited liability company is 

  • A. cash book.
  • B. receipts and payments account.
  • C. appropriation account.  
  • D. profit and loss account.
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Correct Answer: Option D
Explanation

Profit and loss account is used by profit making organizations in place of income and expenditure account in a not for profit making organizations.

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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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