Question on: JAMB Accounting - 2017
One of the options below have the same features as the profit and loss account in non-profit organization
A
Income and expenditure account
B
profit and loss account
C
receipts and payment account
D
Non profit account
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Correct Option: A
The Income and Expenditure account in a non-profit organization serves a similar function to the Profit and Loss account in a profit-oriented business. It summarizes the organization's revenues and expenses over a specific period to determine its surplus (profit) or deficit (loss).
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