One of the options below have the same features as the profit and loss account...
FINANCIAL
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
Correct Answer: C. income and expenditure account
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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