The income and expenditure account of a club is the same as?

By: |Published on: Nov 30|Categories: Accounting JAMB| 0 comments

A. single entry account
B. a profit and loss account
C. a trading account
D. a cash book

Correct Answer:

Option B – a profit and loss account

Explanation

This is because the income and expenditure account just like the profit and loss account shows the income to ascertain surplus or deficit.

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