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WAEC Financial Accounting 1999 Question 17

Question 17

Not-for-Profit Organisations

Which of the following does not relate to a not-for-profit-making organisation?

  1. A.Balance Sheet
  2. B.Receipt and Payment Account
  3. C.Ledger Accounts
  4. D.Profit and Loss Account.
Show the answer and explanation

Answer: D (Profit and Loss Account.)

Explanation

Clubs prepare an income and expenditure account instead of a profit and loss account.