JAMB Accounting 2021 Objective — Question 26

Question 26 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.

26. The equivalent of cash book in a not-for-profit-making organisation is a. Income and expenditure account b. Statement of affairs c. Subscription account d. Receipts and payments account

A. Income and expenditure account
B. Statement of affairs
C. Subscription account
D. Receipts and payments accountCorrect

Explanation

In a not-for-profit organisation, the receipts and payments account is equivalent to the cash book of a profit-making organisation.

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