ACCOUNT
JAMB 2023 - Question 19
Account 2023 JAMB Past Questions - Question 19: One of the options below have the same features as the profit and loss account in non-profit organization
A:
B:
C:
D:
Correct Answer
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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