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GCE Financial Accounting 1990 Question 16

Question 16

Not-for-Profit Organisations

The equivalent of a club's profit and loss account is prepared as

  1. A.Receipts and Expenditure Account
  2. B.Revenue Account
  3. C.Receipts and Payments Account
  4. D.Income and Expenditure Account
  5. E.Club's Trading Account.
Show the answer and explanation

Answer: D (Income and Expenditure Account)

Explanation

A club's income and expenditure account works like a profit and loss account, giving a surplus or deficit.