WAEC - Accounts Principles Of Accounts (2012 - No. 16)
Which of the following is not prepared by a partnership?
trading account
profit and loss account
income and expenditure account
profit and loss appropriation account
Explanation
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. Partneship business is a profit oriented business
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