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JAMB Accounting 2011 Objective — Question 29

Question 29 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

The major feature of not-for-profit-making organization is that they are formed

A. A. to use accumulated fund to describe the net amount owed to members
B. B. mainly to improve the welfare of her membersCorrect
C. C. to engage in trading activities to sponsor its activities
D. D. in order to compute the receipts and payments account

Explanation

A not-for-profit organization is set up to improve the welfare of its members.

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