One of the options below have the same features as the profit and loss account in a non-profit organization?

A. Income and expenditure account
B. profit and loss account
C. receipts and payment account
D. Non-profit account

 
Correct Answer:

Option A – Income and expenditure account

Explanation

Income and expenditure: This is the type of account that operate the same features as the profit and loss account it takes into consideration all arrears and prepayments