passwella.
Menu

JAMB Principles of Accounts 1997 Question 33

Question 33

Not-for-Profit Organisations

An income and expenditure account is a summary of

  1. A.all income and expenditure during a period
  2. B.revenue income and expenditure during a period
  3. C.receipts and payments during a period
  4. D.the trading income during a period.
Show the answer and explanation

Answer: B (revenue income and expenditure during a period)

Explanation

It includes only revenue items for the period; capital items go to the balance sheet.