WAEC Accounting 2024 Objective — Question 36
Question 36 of 50 from the West African Examinations Council (WAEC) Accounting 2024 Objective paper, with the correct answer and a full explanation.
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The equivalent of income and expenditure account in a limited liability company is
- A. cash book
- B. receipts and payments account
- C. appropriation account
- D. profit and loss accountCorrect
Explanation
Not-for-profit organisations use an income and expenditure account, which is equivalent to a profit and loss account in a company.
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