JAMB Accounting 2015 Objective — Question 32

Question 32 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

The trading account is to a sole trader what the income and expenditure account is to a

A. partnership
B. public limited organization
C. manufacturing organization
D. non-profit making organizationCorrect

Explanation

The income and expenditure account of a non-profit-making organization is the equivalent of the trading, profit and loss account of a profit-making organization.

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