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WAEC Financial Accounting 2008 Question 13

Question 13

Not-for-Profit Organisations

Final accounts of a not-for-profit making organization is made up of

  1. A.subscriptions account and income and expenditure accounts
  2. B.subscriptions accounts and balance sheet
  3. C.income and expenditure account and balance sheet
  4. D.receipts and payments account and income and expenditure account
Show the answer and explanation

Answer: C (income and expenditure account and balance sheet)

Explanation

A club's final accounts are the income and expenditure account and the balance sheet.