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WAEC Financial Accounting 2026 Question 3

Question 3

Not-for-Profit Organisations

One of the items shown on the debit side of the income and expenditure account is

  1. A.profit on bar
  2. B.interest on deposit.
  3. C.executives honorarium
  4. D.entrance fees
Show the answer and explanation

Answer: C (executives honorarium)

Explanation

The debit side holds expenses; an honorarium paid to executives is an expense, while the others are income.