JAMB - Accounts Principles Of Accounts (2023 - No. 23)
One of the options below have the same features as the profit and loss account in non-profit organization
non profit account
profit and loss account
income and expenditure account
receipts and payment account
Explanation
The income and expenditure account shows the summary of revenue and running costs of a non-profit making organization. It follows the same principles as the profit and loss account of a trading concern.
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