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WAEC Financial Accounting 2024 Question 36

Question 36

Not-for-Profit Organisations

The equivalent of income and expenditure account in a limited liability company is

  1. A.cash book.
  2. B.receipts and payments account.
  3. C.appropriation account.
  4. D.profit and loss account.
Show the answer and explanation

Answer: D (profit and loss account.)

Explanation

Both measure the result of the period on an accruals basis.