NECO Accounting 2007 Objective — Question 6
Question 6 of 60 from the National Examinations Council (NECO) Accounting 2007 Objective paper, with the correct answer and a full explanation.
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Income and expenditure account is prepared to ascertain _____ of the non-profit making organisation.
- A. creditors or debtors
- B. inflow or outflow
- C. profit or lossCorrect
Explanation
The income and expenditure account is prepared to ascertain the profit or loss (surplus or deficit) of a non-profit-making organisation.
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