Question 25

Which of the following statements is not true of a non-profit making organization?

  • A.income and expenditure account is prepared
  • B.income and expenditure account excludes accruals and prepayments
  • C.Income and expenditure account excludes capital receipts and capital payments
  • D.receipts and Payments account is a substitute for expenditure account
Objective

Question details

Exam body
WAEC
Subject
Accounts - principles of accounts
Year
1991
Question no.
#25
Type
Objective

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