Question on: JAMB Accounting - 2023
One of the options below have the same features as the profit and loss account in non-profit organization
A
non profit account
B
profit and loss account
C
income and expenditure account
D
receipts and payment account
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Correct Option: C
The income and expenditure account in a non-profit organization serves the same function as the profit and loss account in a for-profit organization. Both accounts are used to determine the financial performance of the organization over a specific period.
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