WAEC Accounting 2014 Objective — Question 26
Question 26 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a
- A. surplus
- B. shortfall
- C. loss
- D. deficitCorrect
Explanation
In not-for-profit organisations, the excess of expenditure over income is regarded as a deficit (not a loss/profit).
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