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

By: |Published on: Aug 19|Categories: Accounting WAEC| 0 comments

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

Correct Answer:

Option D – receipts and Payments account is a substitute for expenditure account

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