JAMB Accounting 2020 Objective — Question 16

Question 16 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2020 Objective paper, with the correct answer and a full explanation.

16. The equivalent of statement of affairs of non-profit organization is a profit oriented organization is a

A. A. Profit and loss account
B. B. Cash book
C. C. Receipt and payment account
D. D. Balance sheetCorrect

Explanation

The statement of affairs in a not-for-profit making organisation is equivalent to the balance sheet of a profit-making organisation.

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