NECO Book Keeping 2015 Objective — Question 22
Question 22 of 40 from the National Examinations Council (NECO) Book Keeping 2015 Objective paper, with the correct answer and a full explanation.
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The loss made by a not-for-profit making organization is
- A. arrears
- B. deficitCorrect
- C. overdraft
- D. surplus
Explanation
A not-for-profit making organization's loss (excess of expenditure over income) is termed a deficit.
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