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WAEC Financial Accounting 2012 Question 21

Question 21

Partnership Accounts

Which of the following is not prepared by a partnership?

  1. A.Trading Account
  2. B.Profit and Loss Account
  3. C.Income and Expenditure Account
  4. D.Profit and Loss Appropriation Account
Show the answer and explanation

Answer: C (Income and Expenditure Account)

Explanation

An Income and Expenditure Account is prepared by not-for-profit organisations such as clubs, not by a trading partnership.