JAMB Accounting 2012 Objective — Question 31

Question 31 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.

The excess of revenue over expenditure is charged to

A. profit and loss accountCorrect
B. revenue account
C. accumulated fund
D. income and expenditure account

Explanation

The excess of revenue over expenditure is charged to the accumulated fund of a not-for-profit organisation (via the income and expenditure account).

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