passwella.
Menu

WAEC Financial Accounting 1998 Question 48

Question 48

Not-for-Profit Organisations

The loss made by a non-trading organization is called

  1. A.surplus
  2. B.drawings
  3. C.deficit
  4. D.shortage
  5. E.discount.
Show the answer and explanation

Answer: C (deficit)

Explanation

A non-profit body's excess of expenditure over income is a deficit.