passwella.
Menu

JAMB Principles of Accounts 1998 Question 32

Question 32

Not-for-Profit Organisations

The trading account is to a sole trader what income and expenditure account is to a

  1. A.partnership
  2. B.public limited organization
  3. C.manufacturing organization
  4. D.non-profit-making organization.
Show the answer and explanation

Answer: D (non-profit-making organization.)

Explanation

Non-profit organisations prepare an income and expenditure account instead of a profit and loss account.