WAEC Accounting 2012 Objective — Question 27
Question 27 of 50 from the West African Examinations Council (WAEC) Accounting 2012 Objective paper, with the correct answer and a full explanation.
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The equivalent of the income and expenditure Account in a trading concern is a
- A. Trading Account
- B. Profit and Loss AccountCorrect
- C. Appropriation Account
- D. Balance Sheet
Explanation
While not-for-profit making organisations use income and expenditure account, profit making organisations use profit and loss account.
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