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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

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

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Correct Answer

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.