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WAEC Financial Accounting 2016 Question 27

Question 27

Not-for-Profit Organisations

Which of the following is a credit item in an Income and Expenditure account?

  1. A.Electricity
  2. B.Donations
  3. C.Stationery
  4. D.Bar suppliers
Show the answer and explanation

Answer: B (Donations)

Explanation

Donations received are income, credited in the income and expenditure account.