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WAEC Financial Accounting 2024 Question 47

Question 47

Not-for-Profit Organisations

Which of the following items will be recorded on the credit side of a club's income and expenditure account?

  1. A.Donation to children's home.
  2. B.Donations received.
  3. C.Honoraria paid to guest speakers.
  4. D.Meeting expenses.
Show the answer and explanation

Answer: B (Donations received.)

Explanation

Donations received are income, which goes on the credit side.