WAEC Book Keeping 2025 Objective — Question 22

Question 22 of 42 from the West African Examinations Council (WAEC) Book Keeping 2025 Objective paper, with the correct answer and a full explanation.

The loss made by a not-for-profit making organisation is called:

A. Arrears
B. DeficitCorrect
C. Overdraft
D. Surplus

Explanation

For not-for-profit organisations, a loss (excess of expenditure over income) is referred to as a deficit, as opposed to 'net loss' used by profit-making entities.

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